Nuveen Real Estate Purchases 366-Unit Azola Apartment Community in Tampa, Florida

TAMPA, FL - ZOM Living, in partnership with affiliates of The Mattoni Group and New York-based Clarion Partners, LLC on behalf of a commingled fund managed by the firm, recently sold AZOLA Apartments, a 366-unit multifamily apartment community located within the Brandon area of Hillsborough County to an affiliate of institutional investor Nuveen Real Estate.

Azola at Magnolia Park was completed in Fall 2018. With convenient access to downtown Tampa, the beaches, shopping, and major employment centers, Azola Apartments are spread across 25 acres and feature well-appointed one, two, and three bedroom units in a variety of floor plans ranging from 704 to 1,457 square feet, with private yards and hard surface flooring in select units. A large resident community center and on-site amenities include a club room with cyber café, game room with virtual sports simulator, dog park and dog spa, state-of-the-art fitness center complete with cardio and cycling studio, as well as a boxing ring. The clubhouse is adjacent to an oak hammock and lushly landscaped grounds, which feature a resort-style pool with beach entry, private cabanas and grilling station.

“Azola’s community orientation and design aesthetics contributed to strong absorption of 30 apartments per month and we achieved top tier rental rates for the submarket,“ said Kyle Clayton, Senior Vice President, ZOM Living. “This was our first venture with ZOM, and to combine with Clarion Partners made for a terrific ownership team,’” added Ricardo Caporal, Founder and President of Mattoni Group. “We are very pleased with the result, and also adding this fine project to the Brandon/Riverview community.” 

"Sole at Brandon, as now rebranded, offers luxury interiors and resort amenities at mid-level rents in one of the fastest growing submarkets in Tampa. The property is immediately adjacent to I-75 and the Selmon Expressway, providing connectivity to Downtown, Westshore Business District and other major employment entertainment centers within minutes. We are looking forward to continue expanding our housing platform in the main Florida MSAs as part of our investment strategy,” said Carlos A. Burneo, Senior Director at Nuveen Real Estate and lead for Housing in Florida

Newmark Knight Frank (NKF) exclusively represented the seller in the disposition. “ZOM’s ability to deliver best-in-class product in one of Tampa's fastest growing submarkets allowed for a very successful lease-up," said Patrick Dufour, NKF Vice-Chairman