{"id":1918,"date":"2019-12-23T10:00:57","date_gmt":"2019-12-23T15:00:57","guid":{"rendered":"https:\/\/www.meyer.media\/?p=1918"},"modified":"2019-12-23T09:51:24","modified_gmt":"2019-12-23T14:51:24","slug":"cushman-wakefield-represents-waypoint-residential-in-37m-sale-of-the-point-at-west-end-in-tampa","status":"publish","type":"post","link":"https:\/\/www.meyer.media\/2019\/12\/23\/cushman-wakefield-represents-waypoint-residential-in-37m-sale-of-the-point-at-west-end-in-tampa\/","title":{"rendered":"Cushman & Wakefield Represents Waypoint Residential in $37M Sale of The Point at West End in Tampa"},"content":{"rendered":"
\"The<\/a>
The Point at West End<\/figcaption><\/figure>\n

Waypoint Residential LLC sold the Apartment Community to Blue Roc Premier Properties and Associates, LLC<\/em><\/strong><\/p>\n

TAMPA, FL, December 23, 2019<\/strong> \u2014 Cushman & Wakefield<\/a> has negotiated the sale of The Point at West End, a 356-unit multifamily community in Hillsborough County.<\/p>\n

Luis Elorza<\/a>, Brad Capas<\/a>, Robert Given<\/a> and Michael Mulkern<\/a> of Cushman & Wakefield’s Multifamily Group<\/a> represented Boca Raton, FL-based Waypoint Residential LLC<\/a> in the sale. Blue Roc Premier Properties and Associates, LLC<\/a> sourced, for their investors, the asset for $37.0 million ($104,000 per unit). Blue Roc is a property management company based in Tampa.<\/p>\n

The Point at West End is a \u00b1225,345-square-foot, garden-style apartment community developed in 1980 on \u00b119.47-acre site at 6161 Memorial Highway<\/a> in Tampa\u2019s Town-N-Country submarket. The property comprises 23 two-story residential buildings and one clubhouse.<\/p>\n

The Point at West End offers a mix of studio, one- and two-bedroom apartments. The average unit is 633 square feet with an average market rent of $976 ($1.54 per square foot). The property was 91% leased at the time of sale.<\/p>\n

Apartments at The Point at West End feature energy-efficient appliances, faux granite countertops, upgraded fixtures, oversized walk-in closets and spacious patios and balconies with attractive views.<\/p>\n

Community amenities include a 24-hour fitness center, a cyber caf\u00e9, an outdoor grilling area, a car-care center, a resort-style pool with tanning ledge and sundeck, three on-site laundry facilities, a tennis court and a dog park.<\/p>\n

Since 2016, Waypoint Residential LLC invested $3.5 million in capital improvements at the property including interior unit renovations, exterior paint and stucco enhancement, upgraded landscaping, a new fitness center and equipment, an upgraded dog park, sealing and striping of the parking lot, poolside improvements and upgrades to the leasing center. Prior ownership also demolished the former racquetball building leaving room for future on-site development.<\/p>\n

\u201cThe Point at West End provided investors with an attractive, value-add opportunity with the potential for further growth through the expansion of the existing value-add program,\u201d said Elorza.<\/p>\n

Added Capas, \u201cThe property offers an infill location within the high barrier-to-entry Town-N-Country submarket, where future multifamily deliveries are limited and demographics are favorable.\u201d<\/p>\n

Cushman & Wakefield\u2019s Florida Multifamily Team, directed by Given, includes Elorza, Capas, Michael Mulkern<\/a>, Nicholas Meoli<\/a> and Michael Donaldson<\/a> in West-Central Florida; Jay Ballard<\/a> and Ken Delvillar<\/a> in Central Florida; and Zachary Sackley<\/a>, Troy Ballard<\/a>, Calum Weaver<\/a>, Errol Blumer<\/a>, Neal Victor<\/a>, James Quinn<\/a> and Perry Synanidis<\/a> in South Florida. Robert Kaplan<\/a>, Chris Lentz<\/a> and Mark Rutherford<\/a> facilitate debt, equity and structured finance for the team throughout Florida.<\/p>\n

About Cushman & Wakefield<\/strong><\/p>\n

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit\u00a0www.cushmanwakefield.com<\/a> or follow @CushWake<\/a> on Twitter.<\/p>\n

Media Assets<\/strong><\/p>\n

The Point at West End Photo<\/a>
\nLuis Elorza Headshot<\/a>
\nBrad Capas Headshot<\/a>
\nRobert Given Headshot<\/a>
\nMichael Mulkern Headshot<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Luis Elorza, Brad Capas, Robert Given and Michael Mulkern of Cushman & Wakefield’s Multifamily Group have negotiated the $37 million sale of The Point at West End, a 356-unit multifamily community in Tampa.<\/p>\n","protected":false},"author":1,"featured_media":1851,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[5],"tags":[2662,50,2661,1076,218,49,4,2652,173,29,2226,1075,2105,12,13,35,103,2659,2663,2660],"class_list":["post-1918","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-pr","tag-6161-memorial-highway","tag-apartments","tag-blue-roc-premier-properties-and-associates-llc","tag-brad-capas","tag-central-florida","tag-commercial-real-estate","tag-cushman-wakefield","tag-cushman-wakefield-multifamily-group","tag-distribution","tag-florida","tag-gulf-coast","tag-luis-elorza","tag-michael-mulkern","tag-multifamily","tag-robert-given","tag-sale","tag-tampa","tag-the-point-at-west-end","tag-town-n-country","tag-waypoint-residential-llc"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.meyer.media\/wp-content\/uploads\/2019\/11\/point-at-west-end-aerial.jpg?fit=3000%2C1998&ssl=1","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p79IL5-uW","_links":{"self":[{"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/posts\/1918","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/comments?post=1918"}],"version-history":[{"count":2,"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/posts\/1918\/revisions"}],"predecessor-version":[{"id":1920,"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/posts\/1918\/revisions\/1920"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/media\/1851"}],"wp:attachment":[{"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/media?parent=1918"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/categories?post=1918"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.meyer.media\/wp-json\/wp\/v2\/tags?post=1918"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}