Infinity BH has purchased Buena Vista, a 240-unit multifamily community in Tampa, Fla., from Westside Capital. Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the transaction and procured the buyer.
The purchase price could not immediately be learned. The asset previously traded in 2019 for $21.3 million, according to Yardi Matrix data. In 2020 it became subject to a $25 million fixed-rate Fannie Mae loan originated by Berkadia, the same source shows.
Completed in 1985, the property encompasses 10 three-story buildings comprising studio, one-, two- and three-bedroom floorplans, ranging between 450 and 950 square feet. Apartments feature private balconies or patios and walk-in closets, along with in-unit washers and dryers for select layouts. Common-area amenities include a swimming pool, fitness center and clubhouse.
Located at 4610 N. Armenia Ave., Buena Vista is some 4 miles from downtown Tampa and 6 miles from the Tampa International Airport. It is also within walking distance of St. Joseph’s Hospital.
Tampa multifamily sales volume contracts
IPA Senior Vice President Sean Williams and First Vice President Justin Basquill, along with Executive Managing Director Shelton Grande and Senior Managing Director Luke Wickham brokered the deal on behalf of the seller. The same team was recently involved in the $53 million sale of a multifamily community in central Florida, near Daytona Beach.
In the first five months of the year, multifamily sales in Tampa totaled $440 million—marking a considerable drop form the same period in 2022, when the investment volume reached $3.1 billion, according to a Yardi Matrix report. The average price per unit clocked in at $176,074, which, although down 24.6 percent from last year’s record-setting $233,476, was still $3,300 above the national average, the same source shows.
