Giant investment firm acquires 5 West in Rocky Point as demand for rentals grow
Nuveen Real Estate, the investment management arm of Teachers Insurance & Annuity Association, has invested $61.9 million to acquire the 5 West Apartments in Tampa’s Rocky Point area.
The New York-based Nuveen, which manages more than $125 billion worth of real estate, bought the 318-unit apartment complex from Atlanta-based Pollack Shores Real Estate Group, property and state records show.
Pollack Shores invested $48.52 million in 2016 for the complex.
“5 West is immediately adjacent to the Westshore Business District and the Tampa International Airport. This will provide connectivity to jobs, retail and entertainment centers,” says Carlos Burneo.
“As one of the fastest-growing cities in the U.S. with increasing employment opportunities, the demand for multifamily in Tampa continues to rise.”
Nuveen affiliate TREA 5 West LLC’s acquisition of the 5150 Net Drive complex follows a series of similar purchases statewide. It features four-story buildings surrounding a private lake that rent for $1,180 per month to $1,802 monthly.
Last August, the company bought the 326-unit Fusion 1560 building. It is located at 1560 Central Ave. in St. Petersburg, for $81.1 million. That transaction followed the purchase of the Sole at Casselberry complex, in Orlando.
Kevin McQuaid Commercial Real Estate Editor for the Business Observer