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.”

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