Azalea Apartments, a 289-unit community in Tampa, has secured $107.7 million in financing from Acre Credit Fund II JP LLC, according to public records.<\/p>\n
Acre Credit Fund II JP LLC provided the financing to TF Azalea Apartments LLC, a Trilogy affiliate that owns the property. Public records do not specify whether the financing is a refinance, construction loan conversion or recapitalization.<\/p>\n
Trilogy acquired the community from East Tampa Owner LLC for $85.75 million in July 2023, according to Hillsborough County property records. The property was completed in 2024.<\/p>\n
Read the latest Tampa business news and updates<\/a><\/p>\n The financing comes as Tampa\u2019s apartment market continues to absorb a wave of new supply delivered over the past several years. Colliers<\/a> expects declining construction activity to support stronger occupancy, renewed rent growth and increasing transaction activity as the market moves into its next cycle.<\/p>\n Trilogy, headquartered in Chicago with offices in Miami, develops, owns and manages apartment communities across 14 U.S. markets. The company says it has completed more than $5.5 billion in real estate<\/a> transactions. <\/p>\n Read More Tampa Bay Business News<\/p>\n