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 Founder & President. “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.
Westside is a diversified real estate investment holding firm with a proven track record in real estate private equity investments, construction & development management and venture capital investments. Founded in 2016, Westside leverages big ideas in small timelines out of its US and European offices. Westside generates attractive returns on capital by defensive, value-added investing in traditional real estate asset classes. It targets cash-flowing properties at discounts to replacement costs with additional non-underwritten upside. It creates value through active management and targeted capital initiatives. Westside establishes individual investment platforms within the firm with a particular desire to strengthen economies of scale, operating expertise, and exit optionality. It’s strategy within asset classes, capital structures and markets, shifts based on macro-economic considerations. For more information about Westside, please visit www.westsidecg.com
Media Relations: Rachel