January 24, 2017
Lantower Residential, a subsidiary of Canadian real estate Trust H&R REIT, acquired the 300-unit Modera Westshore luxury apartment community in Tampa, FL. ARA Newmark’s Patrick Dufour, Kevin Judd, Scott Ramey, Richard Donnellan and Marc deBaptiste represented the seller, Mill Creek Residential of Dallas. The sales price was $69 million, according to county records.
Located at 4504 W. Spruce St., Modera Westshore (recently renamed Lantower Westshore), has one, two and three-bedroom units, ranging in size from 696 to 1,414 square feet. Amenities include a saltwater swimming pool and private sun deck, resident and business lounges, bicycle storage and electric car-charging stations.
“Modera Westshore attracted significant institutional interest due to its quality and location, along with Tampa’s favorable supply-verses-demand metrics for additional yield over core markets,” Dufour indicated.
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