A San Francisco-based real estate investment firm that manages one billion dollars in assets has just acquired a multi-family housing complex next to The Villages for $8.65 million, joining several other high-profile real estate firms who have recently made similar commercial real estate acquisitions.
TRC Cypress Commons LLC purchased the Cypress Commons Apartments from The Villages Owner, LLC, for $8,650,000 on February 25, according to a deed filed with the Sumter County Property Appraiser’s office recently.
Located at 775 Huey Street in Wildwood, the apartment complex contains approximately 424,270 square feet in livable apartment space.
According to state corporate records, TRC Cypress Commons is a subsidiary of TableRock Capital, a San Francisco-based real estate investment firm and operator that manages approximately $1 billion in assets. The Villages Owner, LLC, is owned by Jeremy S. Bronfman of Santa Monica, California.
TableRock Capital specializes in both market-rate and affordable multifamily housing. According to the company, it operates with a direct-investment team of 11 to 50 employees, with a portfolio comprised of roughly 8,500 units.
Sumter County property records show that Bronfman purchased the facility in 2021 for $7,700,000. Before that, Urban Core Multi Housing LLC purchased the site in 2020 for $4,750,000.
The most recent sale comes amidst several other large-scale, commercial real estate transactions in The Villages in recent months.
In early March, a New York-based investment group with over $4 billion in profits spent $5.49 million to acquire over 44 acres near The Villages, right across from a massive residential development in Wildwood.
Blackstone, Inc., the world’s largest asset management group, acquired a 10.94-acre commercial property in Wildwood for $4.5 million in mid-February. That site, which houses the Sparr Building and Farm Supply, is situated just southwest of Brownwood at 6000 Signature Drive.
Several other commercial properties have also changed hands recently, including The Spruce Creek Terrace Shoppes, Better Times RV Community, the Days Inn by Wyndham in Wildwood, and a site anchored by a 7-Eleven in Sumterville.
What are your thoughts on the recent trend of large investment firms acquiring land near The Villages? Share them in a comment or a letter to the editor.