Investors Management Group purchased a 276-unit multifamily property in Tampa, Florida, for $40m. The sale of Pavillions at Ballast Point was an off-market deal. Located on 24 acres, the 19-building property was built in 1990. Trading for just over $144,925 per unit, the new owner has renamed the property Solis at Ballast Point and intends to reposition the apartment community. Consisting of one- and two-bedroom apartments, the property is a half mile from Bayshore Boulevard and is close to MacDill Air Force Base and downtown Tampa. Colliers International’s East Region Multifamily Group represented the seller, Pavillion Management Group.
