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Business Observer Friday, Dec. 13, 2019 5 months ago

Boston company invests big in condo project

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West Shore buys majority of Grande Oasis for nearly $122 million
by: Kevin McQuaid Commercial Real Estate Editor

In one of the largest multifamily rental deals along the Gulf Coast in 2019, a Boston firm has invested nearly $122 million to acquire a majority of the units in a Carrollwood condominium complex.

West Shore LLC’s purchase of 883 of the 1,000 units in Grande Oasis at Carrollwood represents the company’s largest asset acquisition in its three-year history.

The deal for the 58-acre complex northwest of Tampa also marks West Shore’s twelfth in Florida and its 26th nationwide. Elsewhere in the state, West Shore — which was formed by former top executives of apartment owner Northland Investment Corp. — has assets in Naples, Clearwater, Riverview, Ocala, Melbourne, Tallahassee and Gainesville.

In all, the company’s portfolio contains nearly 8,000 units nationwide and is valued in excess of $1 billion.

“This deal demonstrates our ongoing success and portfolio growth over the past three years as we continue to identify and acquire high-quality properties like Grande Oasis in thriving areas,” says Steven P. Rosenthal, West Shore’s chairman, in a statement.

Constructed in 1991 by Post Properties and fully renovated 15 years later, Grande Oasis’ units feature kitchens with granite countertops, plank flooring, walk-in closets and fireplaces.

The community, at 3516 Grand Cayman Drive, also contains amenities such as three swimming pools and an equal number of lighted tennis courts, an upgraded fitness center, a seven-acre lake, a nature preserve with a walking trail, a new playground and picnic areas.

The 883 units were 95.6% occupied at the time of West Shore’s purchase.

“It’s interesting, obviously, because of the sheer size of the community, and it was a bit complicated because of the fractured nature of the purchase of most, but not all, of the units,” says Matt Mitchell, a senior managing director at commercial real estate brokerage firm JLL, who together with the firm’s Zach Nolan, Drew Jennewein and Jerrod Smith negotiated the deal on behalf of previous owner Crescent Real Estate LLC.

The transaction also was one of several that initially began with Holliday Fenoglio Fowler L.P. prior to JLL’s July 1 purchase of HFF.

“The interest level in these units was very good, which tells you that investors are willing to look outside the proverbial box for investments,” Mitchell adds.

 

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