Beachwold Residential acquires Hibiscus Springs Rental Homes for $60m

Beachwold Residential acquires Hibiscus Springs Rental Homes for $60m

Published at: 2018-12-18 15:56 | Author: CIJ USA
Beachwold Residential acquired the 470-unit Hibiscus Springs Rental Homes in Spring Hill, Florida, for $60m. Located 40 minutes north of Tampa, the property is made up of 58 one- and two-story buildings on a 40-acre site with an average unit size of 964 sq ft. Community amenities include a clubhouse with an entertainment area, a large swimming pool, a dog park, shuffleboard courts, a basketball court and outdoor picnic areas. Cushman & Wakefield represented the seller, Mercury Investment.

“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 Luis Elorza, senior director at Cushman & Wakefield. “This statewide trend will significantly enhance the marketability and investor participation in Hernando County as well as other similar submarkets throughout Florida.”

Similar Stories:

Urban Investment, United NYA to build condo project in Washington, DC
Urban Investment Partners and United NYA secured a $35m construction loan for the developm  »
Capital Investment starts developing Allure on the Parkway apartments
Capital Investment Group broke ground on a new apartment complex in Orlando’s Lake Mary  »
Lightstone gets $113m in refinancing for 365 Bond Street
Goldman Sachs approved a $113m refinancing package for the Lightstone Group. The funding w  »
Brookdale Senior Living secures $327m in financing
Berkadia has secured $327m in fixed- and variable-rate financing for Brookdale Senior Livi  »
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   »