Viera at Westchase apartments sell for $52.75M

BUYER: Freg Viera Westchase LLP, Glendale, Colo.
SELLER: Branch Creek Multifamily Partners LLC
PROPERTY: 12401 W. Hillsborough Ave., Tampa
PRICE: $52.75 million
PREVIOUS PRICE: $39.75 million, January 2012
LAW FIRM ON DEED: Waller Landsden Dortch & Davis LLP, Nashville

PLANS, DESCRIPTION:
Glendale, Colo.-based Forum Real Estate Group purchased the 330-unit Viera at Westchase apartments for $52.8 million.

The price equated to $159,848 per square foot. That figure is higher than the two-year average price per unit for multifamily space ($72,609) in the Tampa Bay area, according to the CoStar Group.

Located on 75.58 acres, the site features 15 residential buildings, two clubhouses and a service shop. Built in 1999, the gated property includes tributaries of the Double Branch Creek and a 40-acre wetland preserve.

Units range in size from 823 square feet for a one-bedroom, one-bathroom unit up to 1,444 square feet for three bedrooms with two bathrooms.

Amenities include tennis courts, a dog park, swimming pool, waterfall spa, 7,000-square-foot clubhouse and fitness center.

Forum Real Estate Group will manage the apartment.

According to its website, Forum Real Estate Group owns 18 properties in nine states. Viera at Westchase is its only apartment in Florida.