Odyssey Properties Pays $53M for Florida Assets

Tidewater at Atlantic Beach. Image courtesy of Odyssey Properties Odyssey Properties has announced the acquisition…

Tidewater at Atlantic Beach. Image courtesy of Odyssey Properties

Odyssey Properties has announced the acquisition of two Florida multifamily properties in the Tampa and Jacksonville metro areas for $53 million. The communities are The Easton, a 184-unit property in Brandon, Fla., and Tidewater at Atlantic Beach, a 120-unit property in Atlantic Beach, Fla.

The Easton last traded in 2018, when Blue Roc Premier Properties bought it from Tripointe Property Group for $17.9 million. Tidewater at Atlantic Beach last traded in 2021, when L5 Investments bought the property from Blue Roc Premier Properties for $21 million, according to Yardi Matrix.

Value-add opportunity

Formerly known as Park at Vincenzo, The Easton is located at 721 N. Kingstowne Circle and encompasses one- and two-bedroom units ranging between 800 square feet and 1,000 square feet. Common-area amenities include a fitness center, a tennis court, two swimming pools, two laundry facilities and 375 parking spots. Odyssey Properties acquired this community for $32 million, with financing in the amount of $26 million from Bridge Investment Group.

The 23-building property is situated on a 13-acre lot, 12 miles from downtown Tampa and Amelie Arena, and close to the area’s major employers, such as Cyprexx Services, InMotion Global and Talk Fusion.

Formerly known as The Park at Rossini, Tidewater at Atlantic Beach is located at 2768 State Road A1A and encompasses one- and two-bedroom units ranging between 660 square feet and 880 square feet. The residences are equipped with washers and dryers. Common-area amenities include a clubhouse, a playground, a swimming pool and 250 parking spots.

The eight-building community is situated on a 8-acre lot, 2.8 miles from Mayport Naval Station, 6 miles from Jacksonville Beach, 16 miles from downtown Jacksonville and in close proximity to a variety of retail options, such as Walgreens and Pan Am Plaza.

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The Easton’s previous owner invested $2.3 million in capital renovations. Tidewater at Atlantic Beach also underwent in-unit upgrades. Odyssey Properties will continue its value-add strategy, said Brian Dempsey, the company’s director of Acquisitions, in a prepared statement.

Benefiting from the growing in-migration trend to the Sun Belt, Florida markets continue to lead in rent growth, according to a recent Yardi Matrix report.