June 15, 2023 12:00 PM
Newmark announces the sale of a two-building multifamily portfolio comprising Creekbridge & Woodbridge Crossing, located at 1002 Creekbridge Road and 1212 Askew Drive in Brandon, Florida. Totaling over 216,000 square feet, the properties traded from Bayshore Investment Partners, LLC–a Miami-based multifamily and commercial real estate investment and management company–to Houston-based real estate management company WGA Legacy Property Management (“WGA Legacy”) for an undisclosed price.
Newmark Multifamily Capital Markets Executive Managing Director Ryan Moody, Vice Chairman Patrick Dufour, Managing Director Andrew Visnick, Directors Cameron Wolfe and Pibu Aulakh and Associate Eric Gfesser represented Bayshore Investment Partners in the sale transaction.
“Both Creekbridge and Westwood Crossing offer a low-density feel and are strategically located within the Tampa suburb of Brandon, benefitting from convenient access to great employment, retail and entertainment destinations,” said Moody.
Creekbridge and Westwood Crossing presented investors with a substantial value-add opportunity to acquire 200 residential apartments in one of the top-performing submarkets within the ever-strong South Florida market. Further enticing investors is the significant value add remaining at both properties, including opportunities to improve the asset’s exteriors, various site and landscaping improvements, expanding and enhancing the amenity program and potential development of additional units at Creekbridge.
Situated within the vibrant and growing community of Brandon, Florida, Creekbridge and Westwood Crossing benefit from convenient access to the surrounding area’s amenity-rich environment. Located a short distance from a variety of offerings, residents enjoy nearby parks, lakefront trails, a vast selection of happening retail and restaurant destinations and a bustling downtown area. In addition to the neighborhood’s offerings, both properties feature a roster of on-site amenities, including beautiful landscaping, on-site management and maintenance, a resident clubhouse, a state-of-the-art fitness center and an outdoor gym, mini soccer, a children’s playground and exquisite pools.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of March 31, 2023, Newmark’s company-owned offices, together with its business partners, operate from over 170 offices with approximately 7,300 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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