New York firm snags Riverview apartment community for $31.7 million
By Ashley Gutbal Krizer
Tampa Bay Business Journal
Published: Aug 8, 2014

A Tampa Bay apartment community has been sold for $31.7 million.

Beachwold Residential, based in New York, acquired the 340-unit Summer Palms community in Riverview for $93,235 per unit, according to Hillsborough County property records. The complex, built in 2001, includes a 4,000-square-foot club house, according to property records.

Tampa-based JBM Institutional Multifamily Advisors represented the seller, a group of Florida investors, in the transaction. Beachwold's portfolio includes apartment properties in Bradenton and Venice.

Following a national trend, Tampa Bay apartment communities are in high investor demand, driven by high occupancies and demand from renters that continues to push up rental rates. Investors are chasing all levels of the properties - from brand-new, top-tier communities to older ones that need some work. Those deals, in which investors make some interior renovations and raise rents, can generate returns upward of 20 percent.

Ashley Kritzer is a reporter for the Tampa Bay Business Journal.