Rosewood Realty completes multifamily sale for $70 million in Tampa, FL

Tampa, FL A New Jersey-based real estate investment firm has acquired a large multifamily development called Allister Place for $70 million. 

Rosewood Realty Group's CEO Aaron Jungreis represented both the buyer, Dasmen Residential, that owns and operates multi-family properties in major cities throughout the US. and the seller, JSB Capital Group, a NY-Miami, real estate investment firm, in the deal that sold for $182,292 per unit, at a cap rate of 3.6%.

The 287,088 s/f property, features 17 three-story garden style apartments, 384 apartments and 564 parking spots. It is located at 4939 East Busch Blvd. The development was built in 1986 and renovated in 2018.

The property's amenities include a beer garden, clubhouse, pool and wellness/fitness center. The one and two bedroom apartments feature upscale interior finishes, including granite counter tops, island kitchens, stainless steel appliances and custom cabinetry.

Allister Place is located two miles northwest of Busch Gardens Theme Park and three miles west of Adventure Island Water Park.

"This is the fifth deal we did in Tampa recently and even with the upsurge in rates we still are expecting to do over 60 deals nationally," said Jungreis. "The property has significant upside, is in a great location and helps feed the beast that we have recently created in the national market.”