Northmarq arranges sale of Aura @ 4th, a premier multifamily garden-style community within the Gateway Business District

TAMPA, FLORIDA (March 10, 2023) – Northmarq’s Tampa Investment Sales team of Luis Elorza, managing director, Justin Hofford, associate vice president and Kevin Mosher, associate arranged the sale of Aura @ 4th. The seller was McCann Investments, a Tampa-based investment firm. The buyer was TRIG Investment Group, a California-based private investment company that focuses on multifamily investments.

Aura @ 4th is a garden-style community that was constructed in 2016 and totals 150 units, with a unit mix that consists of 40 percent one-bedroom and 60-percent two-bedroom units and an average unit size of 1,087 sq. ft. Unit interiors offer residents a gourmet kitchen that features stainless steel appliances, oversized kitchen sinks and under-cabinet lighting. The property also features two-inch wood-style blinds, spacious walk-in closets and private patios and balconies. Residents enjoy an impeccable amenity package that includes a resort-style pool, clubhouse, state-of-the-art 24-hour fitness center, outdoor covered lounge area, stainless steel Weber grills, picnic areas, bark park and Cyber Café.

The property is located in the heart of the Gateway Business District, the second largest employment district in the MSA which boasts nearly 1.5 million Tampa Bay residents within a 30-minute drive, over 60,000 jobs and 2,700 businesses. There is also excellent connectivity and access to Downtown St. Petersburg (over 4 million sq. ft of office space), Downtown Tampa (over 71,000 jobs), the Westshore Business District (over 102,000 jobs) and MacDill Air Force Base (over 22,000 jobs), which are all within 20 minutes or less of the property. 

"Aura's central location and access to high-paying employers, coupled with the opportunity for additional revenue generating improvements were very attractive to the buyer," said Elorza, "With its strong locational attributes and overall desirability, the buyer purchased an incredible asset in a highly desirable location.”   

For the first time in more than 60 years, Florida was the fastest growing state in the United States with approximately a two percent population increase from 2021 to 2022. Tampa Bay was also ranked in the top five for metro areas for relocation for Q4 2022 and January 2023, with Forbes noting Tampa as the best place to live in Florida. With its strong business climate and impeccable natural amenities, the area will continue to attract new residents that will drive future demand.

"With population growth in the state of Florida outpacing the entire country and expected to grow by more than 40 percent by 2030, the area will continue to see strong fundamentals in multifamily,” said Hofford.  "Well-located infill locations like Aura @ 4th, will continue to be a solid investment for the foreseeable future."