Beachwold Residential acquired the 470-unit Hibiscus Springs Rental Homes in Spring Hill, Florida, for $60m. Located 40 minutes north of Tampa, the property is made up of 58 one- and two-story buildings on a 40-acre site with an average unit size of 964 sq ft. Community amenities include a clubhouse with an entertainment area, a large swimming pool, a dog park, shuffleboard courts, a basketball court and outdoor picnic areas. Cushman & Wakefield represented the seller, Mercury Investment.
“Hibiscus Springs is an excellent example of investors’ increasing willingness to pursue properties in secondary and tertiary markets in search of quality investment opportunities,” said Luis Elorza, senior director at Cushman & Wakefield. “This statewide trend will significantly enhance the marketability and investor participation in Hernando County as well as other similar submarkets throughout Florida.”
