Argyle Real Estate Partners and Sembler Investments Real Estate Partners have announced a significant acquisition, adding 576 apartment units to their portfolio in the thriving Tampa, Florida market. The deal encompasses two adjacent, recently constructed communities, Sage at Cypress Cay and Lantana at Cypress Cay, located in the desirable Lutz suburb.
Key Takeaways
- Argyle Real Estate Partners and Sembler Investments Real Estate Partners have jointly acquired the 576-unit Cypress Cay portfolio in Tampa, Florida.
- The acquisition includes two core-plus apartment communities: Sage at Cypress Cay (324 units) and Lantana at Cypress Cay (252 units).
- Both properties were built recently, in 2022 and 2023, respectively, and feature modern amenities.
- The strategic location in Lutz offers proximity to major employment centers, educational institutions, and transportation routes.
Strategic Expansion in a Growing Market
Argyle Real Estate Partners, known for its focus on multifamily acquisitions in the Southeast and Texas, has partnered with Sembler Investments Real Estate Partners (SIREP) to secure this substantial Tampa asset. This acquisition marks a significant expansion for both firms within their hometown market, reinforcing their commitment to the region’s robust growth.
Ryan Reyes, CEO of Argyle, highlighted Tampa’s sustained growth, particularly in submarkets like Lutz, which have become prime destinations for professionals and families. He expressed confidence in the Tampa Palms submarket’s affluent demographics, its proximity to major healthcare systems, and its projected future development.
Modern Living and Amenities
Sage at Cypress Cay, built in 2022, offers a mix of one, two, and three-bedroom units equipped with modern features such as "smart" technology, stainless steel appliances, granite countertops, and full-size washers and dryers. Community amenities include a resort-style pool with outdoor kitchens, a fitness center, and a pet-friendly bark park.
Lantana at Cypress Cay, completed in 2023, mirrors Sage’s high-quality construction and amenities. Argyle plans to implement minor capital improvements to further enhance the appeal of both communities following the acquisition.
Prime Location Benefits
Mark Sembler, CEO at SIREP, emphasized the excellent opportunity presented by Sage and Lantana to invest in their hometown market. He noted the significant presence of healthcare and education jobs in the vicinity, with approximately 30,000 such positions nearby. The properties’ proximity to the University of South Florida (USF), Veterans’ Hospital, and Advent Health’s main campus, as well as their convenient access to Downtown Tampa, Water Street, and the Westshore Business District, positions them to attract employees from these diverse employment hubs.
Residents will also benefit from easy access to major highways, including I-275, I-75, and I-4, facilitating travel to Tampa’s beaches and other local attractions.