Local firm partners with Canadian investor to buy apartment community for $88 million

BRANDON — A Tampa real estate management and investment group has joined forces with a Canadian investment firm to buy the Tapestry Towne Center apartment community and rename it.

The firms — TLR Group out of Tampa and Sarees Investments out of New Brunswick — paid $88 million for the 287-unit development at 650 Tapestry Lane in Brandon.

The complex, completed last year, has been renamed Nexus of Brandon.

TLR, in a statement announcing the purchase, says the property is occupied and pre-leased at 98.6%.

Nexus, which TLR will manage, is made up of studio, one- and two-bedroom units and includes two saltwater pools, spa, detached garages and nine-foot ceilings according to the statement.

This is the 18th local property for TLR. The firm also owns several in Montreal. Among the communities in its local portfolio are the 85-unit The Mirasol apartments and the 320-unit The Bahia apartment. Both are in Tampa.

Sarees Investments, according to the statement, owns, manages and develops commercial, industrial, residential and mixed-use projects in the U.S. and Canada.