JBM Brokers the Sale of Pearce at Pavilion for $66MM
ST. PETERSBURG, Fla., Jan. 16, 2024 /PRNewswire/ -- JBM® Institutional Multifamily Advisors has brokered the sale of another Tampa multifamily property – Pearce at Pavilion for $66,000,000 or $264,000 per unit. This marks the largest price per unit multifamily transaction in the Tampa MSA for Q4 2023. The seller was Passco Companies, headquartered in Irvine, California. This is the 2nd time JBM® has sold the 2016-built Riverview (Tampa MSA) asset since new.
Portfolio
This marks the final transaction of a three-property portfolio JBM® listed for Passco. JBM® also brokered the sales of both Longitude 81 ($78.8MM) and ParkCrest Landings ($102MM) for a total portfolio value of $246,800,000. To date, JBM® has completed over $617,000,000 on both the buy and sell side with Passco Companies.
About Pearce at Pavilion
Pearce at Pavilion sits on 13.73 acres +/- and is comprised of 250 units averaging 949 SF. Buildings include six, four-story, elevator-serviced buildings and one carriage house building. The buyer assumed the existing loan with a below market 4.13% interest rate.
Amenities
Notable amenities include a resort-style pool and hot tub with private cabanas, poolside gas grilling stations, a 24/7 state-of-the-art fitness center with yoga studio, a luxurious clubhouse with coffee bar, Wi-Fi café, business center, and multimedia game room, Luxer One package room, fenced-in dog park with pet wash, and a scenic lakeside walking trail. Detached garages, storage units, and carports are available for rent.
Unit Features
Units are comprised of one, two, and three bedrooms and feature chef-inspired kitchens with granite countertops, tile backsplash, flat-panel espresso cabinets, and four-piece, Whirlpool stainless steel appliances. Units also feature luxury, faux wood plank flooring in living areas, 9' ceilings with vaulted ceilings on the top floors, soaking tubs, framed-in bathroom mirrors, and screened in patios/balconies.
Location
Pearce is exceptionally well-located with visibility along US 301 and has proximate access to I-75 just half of a mile south. The Property is just a one-minute drive to Publix and Starbucks, 2 miles to the Westfield Brandon Mall, 7 miles to Downtown Tampa, and just 4 miles to the HCA Florida Brandon Hospital – a Top 100 Hospital in America.
About JBM®
JBM® holds a 70%+ market share across Southwest Florida and is the #1 ranked boutique brokerage firm in the U.S.A. despite only transacting in Florida. Green Street's 2023 mid-year broker rankings ranks JBM® as the #1 highest average sold price per unit throughout the entire U.S.A. and #1 highest average sales price per transaction in Florida ($97+ million). JBM® has a lifetime transactions volume over $19.1 billion and 169,000 units.
SOURCE JBM Institutional Multifamily Advisors
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