Metropolitan Life Insurance buys Mosaic Westshore

BUYER: Metropolitan Life Insurance Co. (88.37% interest) and Metropolitan Property and Casualty Insurance Co. (11.63%), Tampa
SELLER: Kennedy/Hoover Apartments Investors LP
PROPERTY: 110 S. Hoover Blvd., Tampa
PRICE: $43 million
PREVIOUS PRICE: $8.5 million, July 2006
LAW FIRM ON DEED: First American Title Insurance Co., New York City

PLANS, DESCRIPTION: MetLife purchased the 210-unit Mosaic Westshore apartment complex for $43 million.

The price equated to $204,761 per unit or $178 per square foot.

The 240,985-square-foot, six-story midrise occupies a 3.47-acre site. Built in 2010, Mosaic Westshore contains one-, two- and three-bedroom apartments. Amenities include a heated courtyard pool, covered summer kitchen, clubroom, fitness center, business center and conference room. The property also includes a two-story parking garage with a freight elevator.

“It has great finishes, but we thought the most important aspect was its central location to the whole of Tampa Bay in the Westshore business district,” says Bill Miller, who oversees real estate equity investments for MetLife.

The new owner was also attracted by the age and the higher, more urban density, according to Chuck Davis, head of MetLife's real estate investment office in Tampa.

The community has an occupancy that hovers around 95%.

No major changes are planned for the property.

MetLife already owns the 475-unit Lodge at Lakecrest in Tampa and is a joint-venture partner in the Carlton Arms of Bradenton.

MetLife officials say the company is looking for additional acquisitions in Florida, with an extra focus on multifamily properties.