Arlington Sells Tapestry Town Center for $88 million

A newly built apartment complex in Brandon, Florida, has sold for more than $300,000 per unit to a partnership of Tampa-based TLR Group and Canadian investment firm Sarees Investments.

The 287-unit Tapestry Town Center, which wrapped up construction in 2020, sold for $88 million, TLR Group said. The seller was the original developer, Birmingham-based Arlington Properties.

Arlington Properties teamed up with Regions Birmingham Real Estate Banking, which provided financing for theĀ $54 million project in 2019.

Blackstone Lending provided acquisition financing for the deal. The apartment complex is at 650 Tapestry Lane, Brandon, across South Gornto Lake Road from the enclosed shopping mall Westfield Brandon.

It is 98.6% leased, TL Group said. The purchase price breaks down to more than $306,000 per apartment. Suburban apartment complexes in the Tampa Bay market rarely cross the $300,000 per unit threshold.

The sale marks TLR’s 18th acquisition in the Tampa Bay area. TLR said the property will be rebranded as Nexus Brandon. It has studio, one- and two-bedroom units and an amenity package that includes two saltwater pools, a fitness center with cycling and yoga rooms, a business center, two dog parks and an on-site dog spa.

Source: Tampa Bay Business Journal