December 10, 2019
Arena Capital has acquired a 136-unit, two-property value-add multifamily portfolio in South Tampa for $13.1 million.
The two properties, Palms at Ballast Point and Sun Bay, are located approximately half a mile from one another at 3729 W. Tyson Ave. and 3730 W. Bay Ave., respectively, in Tampa’s Gandy/Ballast Point submarket. Palms at Ballast Point was built in 1973 and contains 48 residences. Sun Bay was built in 1985 and contains 88 residences.
Mike Donaldson and Nick Meoli of Cushman & Wakefield’s Florida Multifamily Investment Sales Team represented the seller, real estate investment firm Axiom Realty Partners, in the transaction.
“The sale of this South Tampa value-add portfolio marked the opportunity to acquire two older vintage communities in the Gandy/Ballast Point submarket with considerable upside,” said Donaldson. “As the peninsula from Gandy Boulevard to MacDill Airforce Base is viewed as one of the last untapped markets poised for growth in South Tampa.”
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