Walton Street Capital has expanded its Tampa Bay portfolio with the acquisition of a newly built community of 226 units. A subsidiary of Walton Street Capital has partnered with Stoneweg US to purchase WaterView Echelon in St. Petersburg, Florida. According to data from Yardi Matrix, AG Spanos Cos. sold the community for $ 100 million.
Built in 2021, WaterView Echelon offers one, two and three bedroom units ranging in size from 677 to 1,849 square feet. In addition to quartz countertops, stainless steel appliances, and full-size washers and dryers, the units were built with floor-to-ceiling windows that provide residents with views of Tampa Bay.
Residents also have access to a seventh-floor infinity pool, fitness center, club lounge with kitchen, private conference room, cabanas, gas grills, fire pits, to workspaces and covered parking. According to Walton Street Capital, the community is 99 percent leased.
Located at 100 Main St. N., WaterView Echelon is adjacent to a shopping center anchored by a Publix. The community is also located near two major employment hubs, Carillon Office Park and Gateway Office Market, which have over 12 million square feet of office space. Residents are also within a 20-minute commute of downtown St. Petersburg and downtown Tampa.
RECENT GROWTH IN THE BAY OF TAMPA
Stephen Sotoloff, senior manager of Walton Street, said in prepared remarks that the company strongly believes in the Tampa-St. The short and long term fundamentals of the St. Petersburg market, which will likely lead to increased job and population growth. After the start of the COVID-19 pandemic, markets like Tampa and others along the Sun Belt began to experience rapid growth caused by people seeking to relocate to more suburban areas.
The Tampa Bay Multifamily Market has seen many transactions as well as new developments at the end of 2020. Most recently, in May, a developer acquired a site in St. Petersburg that will be used to build a senior housing community. of 80 units. Further in the Sun Belt, Walton Street Capital also acquired a community of 286 units in Las Vegas in November.