Tampa apartments sell for $65 million

Tampa-based ZMR Capital has acquired the Hanley Place apartments near the city’s Westshore Business District for $65 million.

The acquisition of the 400-unit multifamily rental complex, at 7315 W. Hanna Ave., marks ZMR’s second in the region since its formation in 2013. The company also owns Parks Sands Apartments, according to its website.

“With its large footprint, strong unit mix and central location, Hanley Place is a perfect fit as we expand our portfolio in Tampa,” says Zamir Kazi, ZMR’s founder and CEO, in a statement.

“Between our extensive planned improvements and the Tampa market’s strong demographics and economy, we are confident Hanley Place will see long-term growth and stability.”

Constructed beginning in 1971, Hanley Place’s amenities include a pair of swimming pools, a fitness center, dog park, business center and four on-site laundry facilities.

ZMR acquired the complex from NorthEnd Equities and Residential Management, which bought the property for $42.15 million in March 2018, according to Hillsborough County property records.

CBRE Group Executive Vice Presidents Michael Regan and Francesco Carriera represented both ZMR and NorthEnd in the transaction.

“This sale was an off-market transaction in which CBRE was able to bring extremely qualified buyers to the table through a discreet marketing plan,” Regan says, in a statement.

“CBRE was still able to deliver a record-seller, highest price per unit for 200-plus units, 1970s-vintage product in Tampa,” he adds. “Tampa Bay is seeing a surge of national investor attention because of its recent population and rent growth numbers, which are translating into top-dollar sales.”

The Miami and Orlando offices of mortgage originator Berkadia provided $56.89 million in total debt for the ZMR acquisition of Hanley Place, including $7.2 million for future capital improvements.

In addition to Florida, ZMR has purchased properties in Arizona, Georgia and Texas, according to its website. In Florida, the company also owns apartments in Fort Myers, Sarasota and Orlando, in addition to Tampa.

In all, the company controls more than 5,000 units and its portfolio is valued in excess of $600 million, its website states.