Another community sold as multifamily market remains red hot

LITHIA — As any parent will tell you, the fear always is that you will start to sound like a broken record.

With that in mind, yet another area apartment complex has been sold. This one is east of Tampa in Lithia. The 260-unit community at 13930 Spector Road is called Circa at FishHawk Ranch. It is located in the planned community of FishHawk Ranch.

The property was purchased by New York-based investment firm GMF Capital, which got $53 million in financing arranged by JLL Capital Markets. The previous owners paid $42 million Dec. 2015, according to Hillsborough County property records.

The complex is made up of one-, two- and three-bedroom apartment units averaging 1,045 square feet and is near Alafia Commons, a Publix-anchored shopping center.

The past couple of months have seen a run on apartment complexes in the region selling in the millions, continuing a longrunning hot multifamily market. These range from two Fort Myers residential towers sold to a Miami developer for $125 million to two Clearwater communities selling for $112 million.

One of the hottest areas has been near the University of South Florida where at least four complexes have changed hands in recent months. Driving the red hot Tampa market is rising rents caused by demand and a strong job market.

During the second quarter this year, rental rates in Tampa rose by 15%, the highest amount in the U.S. and a percentage that far outpaces the national average, according the commercial real estate research firm CoStar Group.