North Tampa Apartment Complex Sale Closed by Institutional Property Advisors
LUTZ, Fla., May 5, 2021 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Moncler Willow Lake, a 144-unit apartment property in the Wesley Chapel/Lutz area of the Tampa-St. Petersburg MSA, Florida.
“Moncler Willow Lake was a loan assumption with above-market existing debt,” said Luke Wickham, IPA senior managing director. “However, the asset has considerable value-add upside, and the Wesley Chapel/Lutz area of Tampa is growing significantly.”
Wickham and IPA’s Shelton Granade, Justin Basquill, and Sean Williams represented the seller, Moncler Partners, and procured the buyer, Bayshore Investment Partners. “The Tampa-St. Pete area has some of the most favorable population and job growth prospects in the country,” added Williams. “Rents and occupancy at apartment properties are very strong.”
Moncler Willow Lake is located in the dynamic Wesley Chapel area with convenient access to major employment centers along the I-75 corridor and throughout the Tampa Bay area, including downtown Tampa, the University of South Florida, and the Westshore business district. Abundant nearby shopping, dining and entertainment options include Tampa Premium Outlets, The Grove at Wesley Chapel and The Shops at Wiregrass. Built in 1986 on 11 acres, the property offers a desirable amenity package including resort-style swimming pool, fitness center, tennis court, and screened-in patios or balconies. The buyer assumed the existing Freddie Mac loan with a fixed interest rate of 4.99%.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com