Transactions - JULY 20, 2021

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LaSalle acquires luxury Tampa, Fla., apartment community

by Released

LaSalle Investment Management has acquired Altis Grand at the Preserve, a newly constructed, class A multifamily property in the Tampa suburb of Odessa, Fla. LaSalle purchased the 350-unit property on behalf of a separate account client.

Altis Grand at the Preserve provides residents excellent mobility via Highways FL-54 and FL-589, allowing convenient access to the majority of the Tampa MSA. It also provides access to walkable retail amenities such as Greenwise Market, a health-conscious grocery store concept launched by Publix; CVS Pharmacy; Panera Bread; and various other shops. LaSalle Research and Strategy rates Tampa an “overweight” target market for multifamily due to its excellent rent growth, which exceeded the national average by 5.6 percent as of March 2021, and its low vacancy of only 4 percent for stabilized multifamily properties.

Pat Pelling, senior vice president of acquisitions at LaSalle, said, “Altis Grand at the Preserve’s lease-up was stron

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