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BUYER: West Park Village Owner LLC (principals: Patrick Carroll, Josh Champan and Darren Devore), Atlanta
SELLER: Hillsborough West Park LLC
PROPERTY: 9902 Brompton Drive, Tampa
PRICE: $122.5 million
PREVIOUS PRICE: $3.09 million, August 2000
LAW FIRM ON DEED: Fried Frank Harris Shriver & Jacobson LLP, New York City
PLANS, DESCRIPTION:
A joint venture of Atlanta-based Carroll Organization and AIMS Real Estate, a business unit within Goldman Sachs Asset Management, purchased the mixed-use West Park Village for $122.5 million.
The price equated to $198,541 per unit. That figure is higher than the average price per unit ($70,803) in the Tampa Bay area, according to the CoStar Group.
Built in 2004, West Park Village is a 617-unit multifamily community with 40,860 square feet of retail currently occupied by Starbuck's, a YMCA Express, and restaurants including Irish 31 and Catch Twenty Three.
Completed between 2002 and 2004, the property features 40 two- and three-story residential buildings. The property was 95.8% occupied at the time of the sale.
Units in the Westshore property range from one to three bedrooms and townhomes and average 1,230 square feet. Amenities include a swimming pool, kids' pool, business center with conference room, fitness center and several barbecue and picnic areas.
The new ownership plans to further improve the property through a number of capital improvements and hands-on management.
HFF marketed the property on behalf of the seller, institutional investors advised by J.P. Morgan Asset Management. The HFF investment sales team representing the seller was led by Director Matt Mitchell with executive managing directors Manny de Zárraga and Matthew Lawton and support from real estate analyst Zach Nolan.
“Such a unique asset is hard to compare to any other conventional apartment project,” Mitchell says. “We've seen more urban-style properties sell on prices above what West Park Village sold for. There is a very urban feel to this property because its this newer renaissance town center concept, where you can walk out your door and get coffee or walk to bars or restaurants. It's pretty unique to find that in Tampa.”
Mitchell describes the sale as fairly typical, but with a potential price point that required greater targeting of potential buyers. He says HFF started marketing the property in mid-January and had it under contact two months later.
Carroll Organization is an owner and operator of multifamily real estate. It currently owns about 12,000 units, including in Lansbrook Village in Palm Harbor, Arium Bay Pointe and Arium Citrus Park in Tampa, Citation Club in Sarasota and Summer Wind in Naples. West Park Village is the Carroll Organization's 14th major acquisition in Florida.
The joint venture, West Park Village Owner LLC, mortgaged the property to Metropolitan Life Insurance Co. for $67.38 million.
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