PUBLISHED IN Multi-Housing News | SEPTEMBER 17, 2019
By Gail Kalinoski
Westside Capital Group, a Miami-based diversified real estate investment firm, has acquired Watermans Crossing Apartments in Tampa for $29.5 million and plans to spend another $5 million in capital improvements at the 13.4-acre, 337-unit garden-style community. The property will be rebranded as Westshore Crossing.
Berkadia has arranged a $26.3 million five-year, floating-rate loan from Bridge Investment Group for Westside. Senior Managing Director Charles Foschini and Managing Director Chris Apone of Berkadia’s Miami office secured the loan for Westside. Neil Rollnick, a partner in Hinshaw & Culbertson LLP’s Miami office, advised Westside on the acquisition. The transaction was brokered by Luis Elorza and Brad Capas of Cushman & Wakefield.
The seller was not identified by Westside or Berkadia, but Yardi Matrix data lists the most recent owner of the property at 4515 Rome Ave. as Atlantic Housing Foundation, a non-profit community housing organization that owns and operates an affordable housing portfolio of approximately 7,600 apartments across more than 30 multifamily properties in about 22 cities. Atlantic Housing Foundation acquired Watermans Crossing Apartments from Reliance Housing Foundation in November 2005, as part of a $95.7 million, five-property portfolio transaction, according to Yardi Matrix. Built in 1973, previous owners included The Praedium Group, Aetna Insurance Co., Charles F. McCannon and Gary Jacobson.