Four Multifamily Complexes In Tampa Bay Area Bought For $242 Million

By Jay Wittner April 9, 2021

Four Tampa Bay area apartments complexes (1,972 total units) have been bought for $242 million by Morgan Properties & Olayan America. The properties include: Melrose on the Bay (Clearwater), Park at Lake Magdalene (Tampa), Reserve at Lake Pointe (St. Pete) & Tuscany Pointe (Tampa). Each of the Tampa Bay communities was remodeled in 2015. The average price of the Tampa Bay transactions comes to $122,500 per unit. The transaction was part of a $1.75 billion deal for 48 apartment communities in 11 states containing 11,400 units. It’s the largest multifamily transaction in the past year.