Azur Commercial

🗞 Major Multifamily Real Estate Deal: The Pointe on Westshore Sells for $134 Million 🗞

The Pointe on Westshore, a prominent 444-unit apartment complex in Tampa, has been sold for a staggering $134 million, marking it as one of the most significant multifamily sales in Florida this year. The buyer, Tampa-based American Landmark Apartments, acquired the property from Jupiter-based Index Investment Group, which originally developed the complex in 2021. The sale was officially announced by Colliers on Wednesday.

Situated on 23 lush acres along South Westshore Boulevard at West Prescott Street, The Pointe on Westshore boasts an enviable location with easy access to local amenities and picturesque views. The property was more than 92% occupied at the time of the sale, indicating a high demand for residential units in the area.

Breaking down the numbers, the acquisition price amounts to approximately $301,801 per unit. To support this purchase, American Landmark Apartments secured an $82.2 million mortgage, as documented in Hillsborough County property records.

This transaction highlights the continued strength and appeal of the multifamily market in Tampa, demonstrating sustained investor confidence and a buoyant local real estate environment.

**Explore Investment Opportunities with Azur Commercial**

Are you looking to make strategic investments in the multifamily real estate sector? Azur Commercial can assist you in navigating the complexities of the market, providing expert insights and comprehensive support. Whether you are an experienced investor or new to commercial real estate, our team at Azur Commercial is ready to help you explore lucrative opportunities in dynamic and growing markets like Tampa. Contact us today to discover how you can expand your investment portfolio with confidence.

🗞 Substantial Decline in Sale Price for Lumi Hyde Park Reflects Management Challenges 🗞

In a notable development within the real estate market of South Tampa's prestigious Hyde Park area, Lumi Hyde Park, a 259-unit apartment complex, has been sold at a significantly reduced price compared to its acquisition cost in 2022. The transaction in 2024 recorded a sale price of $83 million, or approximately $320,463 per unit, according to Hillsborough County property records. This sale price starkly contrasts with the $115 million, or $444,000 per unit, paid by Dallas-based Conti Capital just two years prior.

The sharp decline in sale price has attracted attention from both real estate analysts and local stakeholders, particularly due to poor management reviews observed on platforms like Google, where the property holds a 2.4-star rating. It appears that inadequate management practices contributed to the property’s depreciated value, shedding light on the critical role of competent administration in maintaining and enhancing asset values.

The transaction underscores not a downturn in the multi-family market segment but rather the profound impact that subpar management can have on a property’s market value. This sale should serve as a cautionary tale for real estate investors and property management firms about the essential nature of robust management practices, especially in competitive and high-value markets like South Tampa.

**Explore Investment Opportunities with Azur Commercial**

Are you considering expanding your portfolio into commercial real estate? Azur Commercial offers expert guidance and comprehensive services to help you navigate the complexities of the real estate market. Whether you're a seasoned investor or new to the field, our team is equipped to provide the insights and support you need to make informed decisions and achieve your investment goals. Connect with Azur Commercial today to explore the potential opportunities in today’s dynamic market.