Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $52.87 million sale of Alta at Terra Bella, a 311-unit, Class A multi-housing community in Land O’Lakes, Florida.
HFF arranged the sale on behalf of the seller, Wood Partners. Northland Investment Corporation (Northland) purchased the asset free and clear of existing debt.
Alta at Terra Bella is located at 23700 Viento Drive, which is close to Interstate 75 and approximately 20 miles north of downtown Tampa. Completed in 2016, the newly constructed, gated community offers a mix of one-, two- and three-bedroom floor plans averaging 1,091 square feet. Units feature granite countertops, stainless steel appliances, island kitchens, vinyl plank flooring, full-size washers and dryers, walk-in closets and screened-in patios. Community amenities include a zero-entry saltwater swimming pool; outdoor summer kitchen; fitness center with yoga room and children’s playroom; clubhouse with sports lounge, game room with billiards, shuffleboard and kitchen/bar seating; cyber café; dog wash and expansive dog park; and breezeway-access garages.
The HFF investment sales team was led by Matt Mitchell, Brett Moss and Zach Nolan.
“As Greater Tampa continues thrive, we are pleased to add this best-in-class, newly constructed property to our portfolio,” said Matthew Gottesdiener, Chief Investment Officer of Northland. “Pasco County in particular has experienced tremendous growth and rapidly improving demographics in recent years, and we are very excited to expand our local presence in the Tampa market.”
About Wood Partners, LLC
Wood Partners is a national real estate company that acquires, develops, constructs and manages high density and mixed-use communities. It ranks consistently among the top five multifamily developers in the country. Through quality construction, responsible land development and intelligent design, its communities reflect the aesthetic and social fabric of the community and provide a luxurious living experience at a fair price. The company has been involved in the acquisition and development of more than 63,000 homes with a combined value of more than $10.3 billion nationwide. The company currently owns more than 75 properties with a combined total of 21,000+ units. Wood Partners has offices in 19 major markets nationwide, including Atlanta, Austin, Baltimore, West Palm Beach/South Florida, Boston, Charlotte, Chicago, Dallas, Denver, Houston, New York, Southern California, Orlando, Phoenix, Portland, Raleigh-Durham, San Francisco, Seattle and Washington, D.C. To learn more about Wood Partners, visitwoodpartners.com.
About Northland Investment Corporation
Northland Investment Corporation (Northland) is a privately held real estate investment company. Based in Newton, Massachusetts, Northland owns and operates 92 properties nationwide – 79 multifamily communities with 23,683 units, 2.2 million total square feet of developed property, and land for the development of up to 3,000 more units. Northland manages seven real estate investment funds, maximizing risk-adjusted returns through value-added acquisition, development, asset management and property management strategies.
About HFF
Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
