Multifamily - Debt

Northmarq arranges sale of The Beck at Hidden River

TAMPA, FLORIDA (December 7, 2021) – Northmarq’s Tampa Investment Sales team of Luis Elorza, managing director, and Justin Hofford, senior associate arranged the sale of The Beck at Hidden River to Raia Capital Management, a real estate investment management firm. Northmarq represented the seller, Oxford Properties, a multifamily development and construction company with properties throughout the Southeast.

Built in 2021 and totaling 204 units, The Beck at Hidden River is located at 8801 Hidden River Parkway. The property is strategically positioned within the Hidden River Corporate Park, which has over 1.1 million square feet of office space and is adjacent to Interstate 75. The property’s location allows easy access throughout the Interstate 75 corridor submarket, which represents one of the highest concentrations of major employers in the Tampa Bay MSA. Additionally, the office park abuts Lettuce Lake Conservation Park, one of Hillsborough County’s most visited parks with 240 acres of greenspace and wooded areas.

“The Beck at Hidden River’s impeccable location offers easy access to the major employment districts of Downtown Tampa, Westshore Business District, University of South Florida submarket and the I-75 office corridor,” said Elorza, “In addition, the property sits within the Hidden River Corporate Park and is walking distance to several fortune 500 companies, giving residents unparalleled access to highly skilled jobs.”

The Beck at Hidden River offers a best-in-class amenity package that includes a stunning clubhouse with resort-style pool and lanai, health and wellness center, resident café, community garden, yoga/meditation lawn, package delivery system with refrigerated grocery storage and a dog park pavilion with pet spa. The 24/7 health and wellness facility features Echelon on-demand fitness classes, treadmills, kickboxing bag, spin bikes, TRX and weight training equipment. Unit interiors are attractively appointed with granite countertops, stainless steel appliances, plank flooring, spacious walk-in closets and a Schlage electronic locking system with smart phone integration. The property is comprised of 46 percent one-bedroom, 50 percent two-bedroom and 4 percent three-bedroom units with an average unit size of 971 square feet.

“Tampa led the entire state of Florida in job creation last year and continues to be one of the fastest growing metros on a national level,” added Hofford, “Residents at The Beck are uniquely positioned to benefit from living and working in one of the top ten growth markets in the country.”

The Tampa Bay MSA has seen rapid levels of population growth over the past ten years. 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. Tampa is a leader in job growth, with a small business jobs index of 102.5, one of only two metros in the U.S. with indexes above 102. The MSA is also ranked a top ten city to start a business due to its pro-business environment, access to resources and low business costs. With its strong market fundamentals, the Tampa Bay MSA is well positioned for continued investor demand for quality assets such as The Beck at Hidden River.

 

Northmarq is an industry-leading capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with an open, flexible structure, enabling our team of seasoned professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of over $30 billion, and loan servicing of nearly $70 billion.