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8240 Causeway Blvd Tampa, F...

Updated Oct 29, 2024

Trilogy Real Estate Group Acquires Azalea Apartments In East Tampa's Brandon Neighborhood For $85.8M
SOLDMultiFamily

Trilogy Real Estate Group Acquires Azalea Apartments In East Tampa's Brandon Neighborhood For $85.8M

8240 Causeway Blvd Tampa, Fl 33619, Usa

$85,800,000

Units

289

Asset Type

MultiFamily

Closing

Jul 17, 2023

About this deal

AI

Trilogy Real Estate Group has acquired the under-construction Azalea Apartments in East Tampa's Brandon neighborhood for $85.8 million. The multifamily property, located at 8240 Causeway Boulevard, consists of 289 units, with an average price per unit of $296,886. This purchase expands Trilogy's portfolio of investments in qualified opportunity zones. Move-ins are expected to begin this quarter.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $85,800,000
  • Address: 8240 Causeway Boulevard
  • Market: Tampa
  • Buyer: Trilogy Real Estate Group - Jesse Karasik & Matt Leiter
  • Units: 289
  • Price Per Unit: $296,886

The acquisition of the Azalea Apartments by Trilogy Real Estate Group was facilitated by Jesse Karasik and Matt Leiter, representatives of the buyer. This strategic investment aligns with Trilogy's focus on qualified opportunity zones. With the property currently under construction, the buyer anticipates a successful venture in the East Tampa market.

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$85,800,000

MultiFamily

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Players

TG
Trilogy Real Estate GroupBuyer
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Miami MultiFamily Market Snapshot

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Deal FAQ

About $296.9K per unit across 289 units on a published $85.8M (2023).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.18%

Cash-on-Cash

-0.05%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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