Tampa apartment sale is among Florida's largest of 2024
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: May 1, 2024

The sale of a Tampa apartment property is among Florida’s largest multifamily sales this year.

The Pointe on Westshore, which has 444 units, sold to Tampa-based American Landmark Apartments. The seller, Jupiter-based Index Investment Group, developed The Pointe in 2021. Colliers announced the sale on Wednesday but did not disclose a sales price. A deed for the transaction has not yet been filed in Hillsborough County.

The property was more than 92% occupied at the time of sale. It sits on 23 acres off of South Westshore Boulevard on West Prescott Street.

A team from Colliers’ Tampa office — Casey Babb, Shawn Rupp and Luis Baez — represented Index Investment Group in the transaction in partnership with Bastian Schauer in West Palm Beach and Will Mathews in Atlanta.

“Despite being in a challenging real estate market, we are witnessing a notable trend where there is a flight to quality,” Babb, executive vice president, multifamily investments at Colliers, said in a statement. “This transaction exemplifies this move toward excellence and showcases resilience in the market.”

“The buyer knows the Tampa market extremely well, and they recognized the opportunity to acquire a low-risk asset with a very high-quality construction in an irreplaceable location, which should yield a nice return for them,” Rupp, Babb’s Tampa partner, said in a statement. “We are grateful to our client, Index Investment Group, for building such an incredible property and one that would be very difficult to replicate in the current environment given the macro headwinds developers face today with stubbornly high construction costs and elevated interest rates.”