ZMR Capital Buys Tampa Metro’s Second Largest Multifamily Community
Cushman & Wakefield has arranged the sale of Reserve at Brandon, a 982-unit multifamily community located in Brandon, FL. The property was 95% leased at sale.
Nick Meoli and Mike Donaldson of Cushman & Wakefield represented both the seller and buyer in the transaction. The property was sold by NorthEnd Equities and Residential Management and acquired by ZMR Capital.
Brad Williamson, Matt Robbins, Scott Wadler, Mitch Sinberg and Alan Dillman of Berkadia secured the acquisition financing on behalf of ZMR Capital. MF1 provided an 80% LTC five-year, floating-rate loan bridge loan.
“Reserve at Brandon boast significant economies of scale with 982 units, making it the second largest multifamily asset in the Tampa Bay metro area,” said Meoli. “The property, which was built in three phases from 1991-2002, was partially renovated to a mid-level finish allowing new ownership an incredible opportunity to complete a second-generation value-add program to produce quick upside returns.”
Franklin Street has been selected to provide property management services.
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