Argyle Real Estate Partners and Sembler Investments Real Estate Partners Acquire 576-Unit Portfolio in Tampa, FL

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Jul 29, 2024, 08:17 ET

TAMPA, Fla., July 29, 2024 /PRNewswire/ -- Argyle Real Estate Partners LLC (Argyle), a real estate investment firm focused on multifamily acquisitions in the Southeast and Texas, together with Sembler Investments Real Estate Partners (SIREP), whose strategic partnership began in 2022, today announced the acquisition of Sage at Cypress Cay, a 324-unit, core-plus, community and Lantana at Cypress Cay, the neighboring, core-plus, 252-unit community centrally located in Lutz, FL a suburb of Tampa; adding 576 units to their growing portfolio and establishing their geographical footprint in their flourishing hometown Tampa market.

"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."

Built in 2022, Sage at Cypress Cay offers 1, 2, and 3-bedroom units with "smart" technology, stainless steel appliances, full-size washers/dryers, granite countertops, plank flooring, and 9ft-high ceilings. External amenities include a resort-style pool with outdoor kitchens and firepits, a state-of-the-art clubhouse with a spacious lounge and billiards table, a first-class fitness center, and a large bark park and pet spa. Lantana at Cypress Cay was built in 2023 with comparable modern unit offerings and similar best-in-class external amenities as Sage. Due to the top-notch quality of this portfolio, Argyle will implement minor capital improvements to further enhance the community's allure upon takeover.

"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 30k 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."

Sage and Lantana are minutes from the University of South Florida (USF), Veterans' Hospital, Advent Health's main hospital campus and 20 minutes from Downtown Tampa, Water St., and Tampa's Westshore Business District. The properties are also close to major highways I-275, I-75, and I-4, allowing residents easy access to the Bay's award-winning beaches and other local attractions.

SOURCE Argyle Real Estate Partners