Halstatt Real Estate Partners, a real estate private equity firm, today announced the sale of the Lakeside Central Apartments in Brandon, Fla. Halstatt, in partnership with Robbins Property Associates, purchased the property and implemented a value enhancement and improvement plan that substantially increased rental rates and occupancy.
“Robbins Property Associates is a longtime partner, and this disposition marks our sixth realization with the firm. Due to its proximity to downtown Tampa, the Brandon apartment market serves as a strong value proposition for renters who are seeking employment opportunities in Tampa but desire the affordability of the suburbs,” said Steve Iannaccone, principal, Halstatt Real Estate Partners. “The Tampa MSA experienced outsized population growth over our hold period, and our management partner positioned the asset to benefit from new entrants into the market which led to operational outperformance.”
The partnership took a hands-on approach to drive value creation in this multifamily project. Initiatives on this front included the installation of energy-efficient stainless-steel appliances, low-flow water fixtures, sustainable vinyl flooring, and upgraded designer cabinets. In addition, the property’s amenities were enhanced to include an expanded resort-style pool, outdoor summer kitchen, a newly renovated clubroom with cyber cafe, package center, and a Bark Park with agility equipment. The recently upgraded 24-hour fitness center features state-of-the-art equipment and a separate cross training fitness facility. As a result of these efforts, the property is currently over 98% leased with momentum being driven by the surrounding area and desire for a live, work, play culture.
Halstatt Real Estate Partners identifies value add and opportunistic real estate projects throughout Florida, the Southeast, and Texas. The company partners with qualified sponsors to develop and implement a strategic business and capital improvement plan to maximize demand driven acquisition and development opportunities.
About Halstatt Real Estate Partners
Halstatt Real Estate Partners (“HREP”), a women-owned real estate private equity firm, has participated in the acquisition and development of over $1 billion in Southeast-based real estate assets since 2011. Founded by the Sproul family, based in Naples, Florida, and a proud part of the Barron Gift Collier legacy in Southwest Florida, HREP invests in middle-market, value-add, and opportunistic commercial and residential real estate projects. HREP works with best-in-class local and regional operating partners to maximize the value of its real estate investments. HREP invests alongside a cross-section of institutional limited partners from fund to fund including charitable foundations and endowments, domestic and international family offices, and corporate pension funds with a history of continuity. www.halstatt.com
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Contacts
Jenna Rambaud
jrambaud@halstatt.com
