NorthMarq arranges the sale of Lola Apartments in Riverview, Florida

Mid-rise apartment community in Riverview, with excellent access to employment centers along the I-75 office corridor, Brandon and downtown Tampa, offers a central location in a rapidly growing submarket

TAMPA, FLORIDA (June 1, 2021) – Luis Elorza, managing director, and Justin Hofford, senior associate with NorthMarq Tampa’s Investment Sales team arranged the sale of Lola Apartments to Atlanta-based Asia Capital Real Estate (ACRE), a developer and investor in multifamily housing in the United States, Southeast Asia and the United Kingdom. 

This 264-unit, mid-rise community sold on May 28 and is located at 9960 Jonas Salk Drive in Riverview, Florida. NorthMarq represented the seller, a partnership composed of Tampa-based Lindell Investments and Orlando-based Investors Realty with multifamily projects in the Florida markets.

“Lola represented a rare opportunity for the buyer to purchase a newly constructed asset in the highly sought-after Brandon/Riverview submarket within the greater Tampa MSA,” said Hofford.

Built in 2019, Lola Apartments is an elevator-serviced mid-rise community with air-conditioned interior corridors. The property is comprised of 45 percent one-bedroom, 49 percent two-bedroom and 6 percent three-bedroom units with an average unit size of 968 square feet. Residents enjoy an 8,000-square-foot clubhouse, 24-hour fitness center, poolside cabanas with outdoor TV’s, fire pit and grills, as well as a bark park and pet spa onsite. Unit interiors feature granite countertops, dramatic 9 to 17-foot ceilings and oversized balconies, patios and windows. 

St. Joseph’s Hospital – South, which is adjacent to the property, recently completed a $130 million expansion that more than doubled the number of beds to 223. Less than 1,000 feet away, Interstate-75 provides excellent north/south regional access to the corporate headquarters of GTE Financial (4 miles), Progressive (10 miles), USAA (11 miles) and Citi Group (16 miles). Other nearby attractions include Westfield Brandon Mall (13 miles), Hillsborough Community College (14 miles), Alafia River State Park (17 miles) and the Balm Boyette Scrub Preserve (16 miles).

“The property’s proximity to St. Joseph’s Hospital – South and Interstate-75 is a highly desirable attribute that immediately captured the attention of the buyer,” Elorza added, “Employment drivers and access such as these are key features for any multifamily property.”  

The Tampa MSA has seen rapid levels of population growth over the past ten years, according to the Tampa Bay Economic Development Council. The population within the market is expected to grow by 25% over the next 20 years, totaling about 3.8 million people living in the MSA by 2040. With its strong market fundamentals, the Tampa MSA is well positioned for continued investor demand for quality assets such as Lola Apartments.