Universe Holdings is diving into the Florida real estate market with a multifamily acquisition in Tampa Bay.
The Los Angeles-based firm paid $66 million for the 250-unit Pearce at Pavilion apartments at 3603 Pavilion Palms Circle in Riverview, roughly nine miles southeast of downtown Tampa Bay. The sale price equates to $264,000 per unit.
As part of the deal, Universe assumed a Fannie Mae loan at a 4.13 percent interest rate with several years left until its maturity date.
Properties with assumable debt are particularly attractive among investors in today’s market, amid high interest rates and tough lending standards. For Universe, the relatively low mortgage payment was a factor in its decision to buy.
“It is comforting knowing we have below market rates fixed and locked in for several more years while the market hopefully cools down,” said Universe CEO Henry Manoucheri. “Waiting closer to loan maturity to refinance the property when interest rates should be lower at that time.”