Taurus Investment Holdings, LLC, announced that it has sold two well located multifamily assets in Phoenix and Tampa for over $136M.
“Taurus’s successful capital improvement program and strong property management team contributed to the income growth at each of these properties which has allowed us to deliver exceptional returns to our investors,” said Peter A. Merrigan, CEO of Taurus Investment Holdings. “We remain confident on the long-term stability of the U.S. multifamily rental sector and will continue to be an opportunistic buyer and seller of multifamily communities across the country.”
Avenel on 16th is a 200-unit, garden-style property located within Phoenix’s dynamic Camelback submarket and was acquired as Taurus’ first investment in the market for a purchase price of $25.95M in August 2020. Taurus sold the property for $51M, representing a 97% increase over the original acquisition price.
Mezzo of Tampa Palms is a 340-unit apartment complex, located within the highly desirable planned community of Tampa Palms, Florida, providing easy access to major thoroughfares and the employment hubs of downtown Tampa and the Westshore Business District. Originally acquired in 2019 for a purchase price of $59M, Taurus sold the property for $85.65M.
The Northmarq multifamily team represented ownership on the sale of the Avenel on 16th property and Institutional Property Advisors represented the sale of Mezzo of Tampa Palms.