Sunday, June 16, 2024

Tampa Bay Apartments Acquired by Universe for $66M

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Universe Holdings Makes First Florida Acquisition with $66M Purchase in Tampa Bay

Universe Holdings Makes Splash in Florida Real Estate Market with Tampa Bay Acquisition

Universe Holdings, a Los Angeles-based real estate firm, is making its mark in the Florida market with a recent multifamily acquisition in Tampa Bay. The firm purchased the 250-unit Pearce at Pavilion apartments in Riverview for a whopping $66 million, equating to $264,000 per unit.

One of the key factors in Universe’s decision to acquire the property was the assumable Fannie Mae loan with a low 4.13 percent interest rate. With several years left until the loan’s maturity date, Universe saw this as a strategic move to lock in below-market rates and wait for potential lower interest rates in the future.

CEO Henry Manoucheri expressed his confidence in the investment, stating, “It is comforting knowing we have below market rates fixed and locked in for several more years while the market hopefully cools down.” Universe plans to continue expanding its presence in Florida, targeting other large multifamily properties over the next 12 to 24 months.

Florida’s strong economy, business-friendly policies, and steady population growth were key factors in Universe’s decision to enter the market. The firm is specifically focusing on Class A properties as it looks towards future investments, aiming for existing cash-flow without the need for heavy value-add budgets.

The Pearce at Pavilion apartments offer residents one- and two-bedroom floor plans with amenities such as a resort-style pool, clubhouse, fitness center, and dog park. Universe, founded in 1994, has a track record of success with over 7,500 apartments acquired in California and New Jersey.

With this recent acquisition, Universe Holdings is poised to make a significant impact in the Florida real estate market and solidify its position as a key player in the industry.

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