TAMPA, FL - JBM Institutional Multifamily Advisors has facilitated the sale of West Port Colony, totaling 324 units and sold for a purchase price of $54,549,339, or $168,362 per unit.
Jamie May, Chairman & CEO of JBM Institutional Multifamily Advisors, stated "this core, value-add asset is located in a highly desirable area in St. Petersburg and was aggressively targeted by a large and diverse buyer pool."
West Port Colony was completed in 1989 and offers a diverse unit mix of one, two, and three-bedroom units with an average unit size of 801 square feet. In total, there are 15, two and three-story residential buildings with a single-story leasing office/amenity building.
The expansive amenity package includes a resort-style swimming pool with Wi-Fi and pool side cabanas along with lounge chairs and patio tables, outdoor kitchen and picnic areas with gas barbeque grills, playground, 24-hour state-of-the-art fitness center with Star Trac aerobic and weight machines with a free weight dumbbell station, bocce ball court, lighted tennis courts, boat and kayak storage, elegant clubhouse, business center with three computers and copy/printer/fax machine, complimentary coffee bar, valet recycling and trash, 24-hour laundry facility, dog park with agility station, and a car care center with vacuum.
The property was purchased by Clarion Partners, who owns 1,406 units throughout Florida. The JBM Institutional Multifamily Advisors team has listed and sold over 43,654 units within the Tampa Bay MSA, and over 157,000+ units throughout Florida.