Northland Acquires Another Florida Apartment Community in Tampa

Leading multifamily owner and operator expands regional portfolio through purchase of premier community; plans improvements

Northland, a national real estate private equity firm with $8 billion of assets under management, announced today the acquisition of Madison Park Road, now called Bella Vista on Park, in Tampa, FL. Bella Vista on Park will be Northland’s third asset in the Tampa MSA, and sixth in the region. Florida remains Northland’s largest state of operations, with 200+ team members more than 9,000 units, and three decades of operating history.

This 248-unit garden-style community was constructed in 2000 and is located in the Tampa suburb of Plant City, at the heart of the I-4 corridor between Orlando and Tampa. Spread over roughly 20 acres, the property features 11 three-story buildings, 2 two-story buildings, and one single-story clubhouse building, all within a gated environment.

With its strong transportation infrastructure, the greater Tampa area has attracted some of the nation’s largest employers which has fueled population growth in the region. With proximity to job centers in Tampa and Orlando, Bella Vista on Park’s location offers residents easy access to employment opportunities and job growth with major industrial players like Tesla, Amazon, and Home Depot occupying over 2.5 million square feet of industrial space within a mere 10-minute radius.

“Bella Vista on Park’s location along the I-4 corridor of suburban Tampa will continue to benefit from the explosive economic growth central Florida has experienced between Tampa and Orlando. With the Tampa Bay region experiencing the nation’s highest domestic migration rate; the ability to offer attainable rental products with immediate proximity to thousands of high-paying logistics and transportation jobs heavily influenced our desire to continue expanding the Tampa portfolio,” says Bruno Setteducati, Northland’s Director of Investments.

Community amenities include a resident clubhouse, business center, pool with cabanas on the sundeck, an outdoor social area with grills and courtyard games, a picnic area, dog park, tennis court, basketball court, playground, and car care center. The unit mix includes 64 one-bedrooms, 120 two-bedrooms, and 64 three-bedrooms with 9′ and 10′ ceilings. Fifty-five percent of the units have been renovated with an updated paint scheme, black appliances, ceiling fans, tile backsplashes, and upgraded cabinet hardware and doors. All units have full-sized side-by-side washers and dryers.

To enhance the resident experience, Northland will install a SmartRent technology package (smart thermostats, keyless entry pads, and water detection sensors), introduce valet trash service, and install bulk internet across the community to provide a more affordable cable and internet option for residents. Other areas of improvement include the installation of private fenced-in yards in all first-floor units and amenity improvements for the fitness center and clubhouse.

Photo: Northland

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