PUBLISHED IN GlobeST.com | SEPTEMBER 17, 2019
By John Jordan
TAMPA— Jakub Hejl’s Miami-based Westside Capital has acquired the second of what it says will be three Tampa multifamily purchases that will total approximately $100 million in investment in the Tampa region.
The firm has purchased Watermans Crossing Apartments, a 337-unit garden-style apartment community located in the Wellswood neighborhood of Tampa. Berkadia senior managing director Charles Foschini and managing director Chris Apone of Berkadia’s Miami office arranged the loan on behalf of Westside Capital Group, a diversified real estate investment firm based in Miami led by Hejl.
Bridge Investment Group provided the five-year, floating rate loan.
Westside acquired the property for $29.5 million and intends to invest up to $5 million in capital improvements, while rebranding the property “Westshore Crossing.” Neil Rollnick, a partner in Hinshaw & Culbertson LLP’s Miami office, advised Westside on the acquisition. Westside has a $150-million portfolio of cash-flowing assets and nearly $500 million of owned assets in its development pipeline.
As part of the acquisition, Westside removed all Land Use Restriction Agreement limitations that were previously encumbering the property and has assessed development potential of up to 72 new multifamily units on the property. Westside anticipates an additional $8 million of investment expenses should it develop these units.
“Jakub (Westside) has a highly developed sense for spotting value,” says Foschini. “Where most saw complications in the land use restriction agreement, the distress of a greater portfolio that influenced this asset, and the extended time frames to unwind it all, Jakub saw opportunity. Working together, we were able to find a lender who shared that vision and unlock the value of this property before a paintbrush was lifted.”