TAMPA, FL — Cushman & Wakefield’s Florida Multifamily Group has negotiated the sale of Hibiscus Springs Rental Homes, a 453,040-square-foot garden apartment community in Spring Hill, Florida, about 40 minutes north of Tampa. The 470-unit property sold for $60 million, or $127,660 per unit.
Senior Director Luis Elorza, Senior Director Brad Capas, Vice Chairman Robert Given and Senior Financial Analyst Michael Mulkern represented Mercury Investment, a national real estate investment group, in the disposition. The buyer is Beachwold Residential, a New York-based owner and manager of multifamily properties.
Situated at 3454 Suncoast Villa Way, the property is adjacent the Suncoast Parkway/Veterans Expressway, which provides excellent access to local employment in Hernando County, Pasco County and the Westshore business district in Tampa. The recently opened express lanes on the Veterans will help shorten drive times for residents.
Hibiscus Springs offers a unique community-centric layout with 58 one- and two-story buildings on 40 acres. The first phase, completed between 2001 and 2004, features single-story patio homes with two bedrooms. The second phase, completed in 2016, offers one- and three-bedroom options. The spacious units average 964 square feet, and many have attached garages.
Beachwold plans to make general community improvements as well as upgrades to the units built in the first phase of construction.
“Hibiscus Springs is an excellent example of investors’ increasing willingness to pursue properties in secondary and tertiary markets in search of quality investment opportunities,” said Elorza. “This statewide trend will significantly enhance the marketability and investor participation in Hernando County as well as other similar submarkets throughout Florida.”
Community amenities include a clubhouse with an entertainment area and state-of-the-art fitness center, large swimming pool, dog park, shuffleboard courts, basketball court and outdoor picnic areas. It is also adjacent to the Suncoast Trail, which provides residents with immediate access to a 42-mile, paved walking and biking trail.
Cushman & Wakefield’s Florida Multifamily Team, directed by Given, includes Elorza, Capas and Mulkern in West-Central Florida; Jay Ballard and Ken Delvillar in Central Florida; Julie Bohn in Jacksonville; Zachary Sackley, Troy Ballard, Calum Weaver, Errol Blumer, Neal Victor, James Quinn and Perry Synanidis in South Florida. Robert Kaplan, Christopher Lentz and Mark Rutherford facilitate debt, equity and structured finance for the team throughout Florida.
About Cushman & Wakefield: Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services.
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