Nicol Investment buys new $58m Tamp apartment community

Nicol Investment buys new $58m Tamp apartment community

Published at: 2018-01-09 15:28 | Author: CIJ USA
The Nashville-based, private investment firm Nicol Investment Company has acquired a newly completed apartment community in Tampa through a $58.088 million transaction. Developed by Pollack Shores Real Estate Group, the 274-unit Havana Square traded for $212,000 per unit. Located at 400 N. Rome Avenue in the heart of Tampa’s North Hyde Park neighborhood, the asset features a state-of-the-art fitness studio, club room and a six-story, secured-access parking garage.

The property was acquired free and clear of existing debt. Holliday Fenoglio Fowler's senior managing director Matt Mitchell and director Zach Nolan represented the seller during the disposition. Pollack Shores, which paid $15 million for the site in July of 2015, spent a total of $45 million building out the scheme.

Mitchell said the seller took advantage of rising demand for the North Hyde Park neighborhood and the need for upscale housing in the city's urban core. “The community provides walkable access to the area’s bars, eateries, shops and other recreational amenities, and appeals to millennials and young families that have moved into the neighborhood.”

Similar Stories:

Waypoint expanding New Jersey resi portfolio by 235 apartments
Waypoint Residential secured a $52m construction loan for the redevelopment of 435 Main St  »
Lenger Financial buys Avalon Hill in Jacksonville for $10.8m
Lenger Financial bought Avalon Hill, a 194-unit apartment complex in Jacksonville, Florida  »
Preservation Partners buys two St. Charles resi properties for $56m
Preservation Partners has paid $56 millon for two multifamily properties in St. Charles, M  »
Ritz-Carlton Residences underway in Sarasota
The Kolter Group has kicked off construction of the Ritz-Carlton Residences in downtown Sa  »
Hurricane Hermine had the entire state of Florida on the edge of its seat in September. It   »
South Florida’s condo market is readying for a soft landing rather than the crash that m   »
There are approximately 17,000 units in Miami in presale, sold or under construction. Abou   »
The same year Orange County builders pulled 11,000. Fast forward to 2010 and those numbers   »