Miami, FL. (Sept. 5, 2018) – Westside Capital Group (“Westside”), a real estate investment holding firm, announced the acquisition of Buena Vista (formerly known as Moncler Buena Vista), a 240-unit garden-style apartment community in Tampa, FL (the “Property”). The Property is located in the Wellswood neighborhood of Tampa, FL near Al Lopez Park, St. Joseph’s Children’s Hospital and Raymond James Stadium home to the Tampa Bay Buccaneers of the National Football League (NFL).
The Property, built in 1985, is comprised of 10 buildings each containing 24 units on a 5-acre site. The unit mix offers efficient studio, one-bedroom and two-bedroom floorplans with an average square footage of 700. The Property also features a clubhouse, covered parking, fitness center, swimming pool and other tenant amenities. Westside aims to update common areas and perform targeted interior unit upgrades.
“We’re excited to announce yet another addition to our multi-family program,” said Jakub Hejl, Westside’s Founding Partner. “Similar to our other multi-family acquisitions, this is a great value-add asset in a strong location with a diverse set of economic drivers and a high barrier to entry market.”
Strong population growth and job creation in Tampa continues to contribute to a tight rental market. The transaction closed on August 30, 2018. The sale price was $21.25 million.
Westside will continue to leverage its local market expertise and deep industry relationships to identify attractive multifamily investments throughout Florida and throughout the U.S.
Founded in 2016, Westside is a real estate investment holding firm focused on creating long-term value by integrating direct asset and corporate investments along the real estate value chain.