The Related Group acquired Bay Oaks Apartments in Tampa’s Bayshore submarket for $26.25m. Built in 1974, the property’s 176 units were 97 percent leased at the time of the sale. The community features a 24-hour fitness center, on-site management, a car care center and laundry facilities. Cushman & Wakefield negotiated the sale on behalf of the seller, Carter-Haston.
“Bay Oaks is an outstanding value-add investment opportunity as well as a prime candidate for future redevelopment,” said Luis Elorza of Cushman & Wakefield. “It’s unique waterfront location is a short drive to Hyde Park Village, the Westshore office market, Tampa International Airport and downtown Tampa. Bayshore Boulevard in central South Tampa is one of the most highly sought-after locations on the West Coast of Florida for both residents and investors.”
