Asia Capital Real Estate Secures $ 43 Million Loan for Tampa Acquisition
Asia Capital Real Estate has acquired Lola Apartments, a 264 unit Class A community in Riverview, Fla., Hillsborough County. The seller, a joint venture between Lindell Investments and Investors Realty, was represented in the transaction by the Investment Sales team at NorthMarq Tampa.
Working on behalf of the buyer, JLL Capital Markets secured a $ 42.8 million acquisition loan through lender CIT Group.
Lola Apartments is located at 9960 Jonas Salk Drive, in the southeast suburb of Tampa, Florida. The pet-friendly property features one, two, and three bedroom units in proportions of 45%, 49%, and 6%, respectively, with an average area of 968 square feet. Finishes include stainless steel appliances, island kitchens, balconies, walk-in closets, vaulted ceilings and access to smart technology.
Community amenities include a 24-hour fitness center, 8,000 square foot clubhouse, swimming pool, poolside cabanas with outdoor TVs, fire pit and grills, and a park bark and pet spa, game room and 398 grade- level parking spaces.
Rental trends in the region
The garden-style property is 18 miles southeast of downtown Tampa and adjacent to St. Joseph South Hospital. In addition, the community is located one mile from Interstate 75, providing easy access to Miami and the West Coast of Florida.
Delivered in the first quarter of 2019, Lola Apartments saw rapid rental of around 20 units per month, thanks to strong multi-family demand in the area. Recent leases have been signed at above average rates. Additionally, the property faces limited competition, with only two multi-family properties under construction within a 5 mile radius.
A refinancing pipeline
Last year, Asia Capital Real Estate launched a series of financing deals for a variety of multi-family projects. City Club Apartments, a luxury project in Detroit, secured a $ 78.5 million bridge loan for its final phase of construction, while Wood Partners secured an $ 86.3 million refinancing loan for its tower of upscale Yard 8 apartments in Miami. Sovereign Properties also refinanced Millennium at Hometown, an outstanding 306-unit Class A multi-family community in North Richland Hills, Texas, with a $ 49.1 million loan from Asia Capital Real Estate.
Earlier this year in March, Asia Capital Real Estate granted Austin Lawrence Partners a $ 34 million short-term bridge loan to refinance its existing debt on One City Center, a 28-story Class A property in Durham, North Carolina.
The JLL team that secured the acquisition loan for Lola Apartments was led by Director Jesse Wright, Senior Managing Director Elliott Throne and Partner Kenny Cutler.
The NorthMarq Tampa investment sales team representing the seller included Managing Director Luis Elorza and Senior Partner Justin Hofford.