Bridge Investment Group Acquires Tampa Multifamily Complex For $94.3M

Bridge Investment Group has acquired the Seven Lakes at Carrollwood suburban apartment complex in Tampa for a total of $94.3 million. The property, located at 3303-3401 North Lakeview Drive, consists of a multifamily asset with 640 units. The purchase price translates to an average of $147,344 per unit. This transaction represents a significant increase from its previous sale price of $82 million in 2020.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $94,300,000
• Units: 640
• Price Per Unit (PPU): $147,344
• Address: 3303-3401 North Lakeview Drive, Tampa

Bridge Investment Group, represented by Robert Morse, successfully purchased the Seven Lakes at Carrollwood apartment complex. The seller, Covenant Capital Group, was represented by Frederic A. Scarola. The deal was facilitated by brokers Mike Donaldson and Nick Meoli from Cushman & Wakefield. Furthermore, M&T Realty Capital Corp. provided a mortgage of $70.5 million to finance the acquisition.

This acquisition by Bridge Investment Group reflects their continued investment strategy in the Tampa market. The transaction highlights their commitment to acquiring multifamily properties and the potential for growth in the Tampa real estate market.