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ZMR Capital buys Tampa Bay multifamily property

ZMR Capital has acquired Tampa Bay, Florida-based multifamily community Reserve at Brandon.

ZMR Capital has acquired Tampa Bay, Florida-based multifamily community Reserve at Brandon. No financial terms were disclosed.

PRESS RELEASE

Tampa Bay, FL (April 5, 2022) — ZMR Capital has acquired the 982-unit Reserve at Brandon, one of the largest multifamily communities in Tampa Bay, FL in an off-market transaction.

Located at 1918 Plantation Key Circle, Reserve at Brandon is ZMR’s third multifamily acquisition in the Bandon submarket in the past five months. The 62-acre community, which will be rebranded as Skye Reserve, is within a half mile of the 160-unit Brandon Oaks and 125-unit Palms at Paradise, two adjacent properties acquired by ZMR in December 2021.

“We will continue to pursue value add opportunities, regardless of size, in markets exhibiting strong multifamily fundamentals throughout the country, with a concentrated focus on the Southeast where we plan to invest approximately $1 billion in the next 24 to 36 months,” said ZMR CEO Zamir Kazi. “Competition for assets continues to escalate in Florida, but as a local investor, we’re seeing that our extensive network of contacts and relationships is providing us the opportunity to bid on and acquire properties like Reserve at Brandon. Sellers and their brokers in Florida have learned we are willing to roll up our sleeves and get deals done.”

Built in three stages from 1991 through 2002, Reserve at Brandon offers a mix of one-, two- and three-bedroom floor plans featuring stainless steel appliances, walk-in closets, planked vinyl flooring, designer faucets and balconies and patios.

While the property has undergone light renovations over the years, ZMR plans to implement a capital-improvement program designed at bringing all units to an elevated level, including the installation of a washer and dryer in all units. In addition, the firm plans to refresh the common areas, including new paint and new landscaping to increase the property’s curb appeal.

Franklin Street Property Management, which manages ZMR’s Florida portfolio, has been engaged to manage Skye Reserve.

“This will allow us to share resources between the properties when needed to reduce costs and improve efficiency,” added Kazi.

About ZMR Capital
ZMR Capital (http://www.zmrcapital.com) is a Tampa, FL-based real estate investment firm founded in 2013 by Zamir Kazi. Specializing in the acquisition and re-development of value-add multifamily assets, the firm currently manages a portfolio of approximately 7,000 apartment homes in Florida, Georgia, Texas and Arizona. Since its founding, ZMR Capital has established an excellent reputation for moving swiftly and decisively when identifying undervalued and under-performing assets in strategic locations.