The investment firms Argyle Real Estate Partners LLC and Sembler Investments Real Estate Partners (SIREP) announced their acquisition of two properties in the Tampa suburb of Lutz, Florida.
The acquired properties are Sage at Cypress Cay, a 324-unit, core-plus community built in 2022, and Lantana at Cypress Cay, a core-plus 252-unit community built in 2023. The properties are close to major highways I-275, I-75 and I-4, and the companies said they will implement minor capital improvements following the completion of their purchase.
The financial terms of the acquisition were not disclosed.
“Tampa’s explosive growth story began well before the pandemic with submarkets like Lutz reaping the benefits of those tailwinds and emerging as a top destination for professionals and families,” said Ryan Reyes, CEO of Argyle. “Given the Tampa Palms submarket’s affluent demographics, proximity to major hospital systems and projected future growth, we feel great about planting this flag in our backyard with Sage and Lantana.”
“Sage and Lantana presented an excellent opportunity to jump into our hometown market which has continued to sustain impressive growth over the last several years,” said Mark Sembler, CEO at SIREP. “With approximately 30,000 healthcare and education jobs in the immediate vicinity, and its proximity to Downtown Tampa, these two properties are well-positioned to benefit from these growing and diverse employment hubs and provide quality living solutions to these employees.”
Photo: Sage at Cypress Cay
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Great article! Love hearing about how quickly Lutz is developing as a residential hub. I’m curious: with the proximity to major highways and amenities, what do you think could be the next hot spot for real estate in the Tampa area? Are there expectations for more acquisitions in the near future?