Sinatra & Co. Real Estate Acquires 361-Unit Multifamily Property In Tampa For $45.7M

The 361-unit Captiva Club Apartments in Tampa have been sold for approximately $45.7 million. The property, located at 4401 Club Captiva Drive, is a multifamily asset. The sale price equates to a per unit price of $126,593.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $45,700,000
• Units: 361

The buyer of the Captiva Club Apartments is Sinatra & Co. Real Estate, while the sellers are Eagle Property Capital Investments represented by Rodrigo Conesa, and Belay Investment Group represented by Eliza Bailey. The brokers involved in the transaction are Sean Williams, Justin Basquill, Shelton Granade, and Luke Wickham, who represented the buyer and seller on behalf of Marcus & Millichap. The City National Bank of Florida provided the financing for the deal.

Eagle Property Capital Investments and Belay Investment Group successfully sold the property to an investor group led by Captiva Club Investment Group. During their ownership, the leased rent per unit was increased by 59.8% and revenue by 47.3%. The property was initially purchased for $32.7 million in 2016.