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BUYER: Crosstown Tampa Investors LLC (Crosstown Manager LLC), Atlanta
SELLER: Crescent Crosstown Multifamily LLC
PROPERTY: 1820 Crosstown Club Place, Tampa
PRICE: $35.25 million
PREVIOUS PRICE: $9.75 million, September 1997
LAW FIRM ON DEED: Morris Manning & Martin, Atlanta
PLANS, DESCRIPTION: Atlanta-based JMG Realty Inc. and Birmingham, Ala.-based HighPoint Holdings LLC have partnered to purchase the 300-unit Circle at Crosstown in Tampa for $35.25 million.
The price equated to $117,500 per unit.
The development includes both detached and attached garages, a dog park, fitness facility, playground, clubhouse and pool.
The Tampa apartment was purchased in a two-property portfolio the buyers acquired from Crescent Resources LLC for a total of $64.5 million. Crescent Resources constructed both of the properties in 2009.
The Central and North Florida-based sales team of ARA, led by Kevin Judd, Patrick Dufour and Matt Wilcox, represented the seller of the portfolio.
“Circle at Crosstown is located in Brandon, currently one of Tampa's strongest performing submarkets, and offered the buyer an excellent opportunity to acquire an exceptional apartment community with near-term upside as the submarket continues to improve,” Dufour says in a press release.
Dufour says that occupancy has increased nearly 300 basis points in Tampa during the past 12 months. The region has also had six consecutive quarters of rent growth.
HighPoint Holdings is a real estate private-equity firm specializing in class A multifamily properties. JMG Realty provides management, redevelopment, financial and investment services for multi-family real estate, including several apartments along the Gulf Coast.
The purchase entity Crosstown Tampa Investors LLC mortgaged the property to CWCapital LLC for $24.25 million.
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