Brandon's Westbury Apartment Complex Sold For $33.1 million

Westbury at Lake Brandon apartment complex has been sold to one of the largest private apartment owners in the U.S. for $33.1 million or $90,437 per unit.

Located at 1210 Westbury Pointe Drive just west of Providence Road, the several buildings that make up the multifamily community combine for approximately 361,570 square feet.

The property features 122 studio apartments, 212 two-bedroom and 32 three-bedroom units and has a 94 percent occupancy.

John Selby and Jim Bobbit of CB Richard Ellis’s Multi-Housing Group in Tampa originally listed the property for sale. The company represented the owner, Westbury Owner LLC of Rockville, Md., during the sale to Alliance Residential Co.

According to Bobbit, in a company release,  “The pricing and low cap rate are indicative of strong investor demand for core assets and reflect the current low interest rate environment.”

Headquartered in Phoenix, Alliance has 16 offices across the U.S. Since company inception in Sept. 2000, Alliance has become one of the largest private apartment owners and the 15th largest management company in the U.S., with a $6 billion portfolio and 45,000 units across 22 metropolitan markets in 12 states.

According to the Tampa Bay Business Journal, Westbury in 2006 began converting to condominiums with prices ranging from $130,000 to more than $200,000, according to published reports from the period.

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