News Column

United States : HFF closes sale of West Park Village in Tampa

May 22, 2014

HFF announced today that it has closed the sale of West Park Village, a mixed-use community featuring 617 residential units and 40,860 square feet of retail in Tampa, Florida.

HFF marketed the property on behalf of the seller, institutional investors advised by J.P. Morgan Asset Management. AIMS Real Estate, a business unit within Goldman Sachs Asset Management, and joint venture partner, Carroll Organization, purchased the asset free and clear of existing financing.

West Park Village is located near the intersection of Montague Street and West Linebaugh Avenue within the Westchase master-planned community, approximately 20 minutes from downtown Tampa. Completed between 2002 and 2004, the property consists of 40 two- and three-story residential buildings that are 95.8 percent leased and include one-, two- and three-bedroom flats and townhomes averaging 1,230 square feet each. The retail component includes tenants such as Starbuck s, Irish 31, Catch Twenty Three and a YMCA location. Residential amenities include a resort-style swimming pool, 24-hour poolside fitness center, barbecue/picnic areas, business center and conference room and attached/detached garages.

The HFF investment sales team representing the seller was led by director Matt Mitchell along with executive managing directors Manny de ZÁrraga and Matthew Lawton with support from real estate analyst Zach Nolan.

West Park Village represents one of the best pieces of real estate in the Tampa market. It s a rare and highly successful mixed-use project where the residential and retail components are synergistic, helping support and add value to each other, said Mitchell.

In the Tampa Bay market, HFF has handled many of the market s largest transactions during the past year such as the Element, Varela, Hyde Park Village and the downtown Tampa Hilton.

J.P. Morgan Asset Management Global Real Assets has more than $73 billion in assets under management and more than 400 professionals in the U.S., Europe and Asia, as of March 31, 2014. With a 40-plus-year history of successful investing, J.P. Morgan Asset Management Global Real Assets broad capabilities provide many of the world s most sophisticated investors with a global platform of real estate, infrastructure, maritime/transport and energy strategies driven by local investment talent with disciplined investment processes consistently implemented across asset types and regions.

Carroll Organization is headquartered in Atlanta, Georgia, and maintains regional offices in Houston, Orlando, and Miami. The firm was founded in 2004 by Patrick Carroll. It is a privately held owner and operator of high-quality multifamily real estate focused on private equity real estate investment, asset management, investment/fund management, and property management. The firm s current portfolio of owned properties is approximately 12,000 units.

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Source: TendersInfo (India)

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