A 289-unit apartment community in Tampa has secured $107.7 million in financing from Acre Credit Fund II JP LLC, according to public records. The loan involves a property owned by a Trilogy affiliate and comes as Tampa’s multifamily market continues to absorb new apartment supply.
Key Takeaways
- Azalea Apartments secured $107.7 million in financing from Acre Credit Fund II JP LLC.
- The 289-unit property is owned by TF Azalea Apartments LLC, a Trilogy affiliate.
- Public records do not specify whether the financing is a refinance, loan conversion, or recapitalization.
- Trilogy acquired the property for $85.75 million in 2023, and the community was completed in 2024.
- Colliers expects slower apartment construction to support occupancy, rent growth, and transaction activity in Tampa.
Tampa apartment financing activity added another significant transaction after public records showed that Azalea Apartments, a 289-unit multifamily community in Tampa, secured $107.7 million in financing. The loan was provided by Acre Credit Fund II JP LLC to TF Azalea Apartments LLC, an affiliate of Trilogy, marking one of the larger apartment financing transactions recorded for the property.
The financing documents identify Acre Credit Fund II JP LLC as the lender and TF Azalea Apartments LLC as the borrower. Public filings confirm the loan amount but do not specify whether the transaction represents a refinance, a conversion of construction financing, or another form of recapitalization.
What Financing Did the Tampa Apartment Community Secure?
Public records show that Azalea Apartments received financing totaling $107.7 million through Acre Credit Fund II JP LLC. The financing is tied to the 289-unit apartment community located in Tampa and owned by TF Azalea Apartments LLC.
The recorded documents identify the lender and borrower but do not provide additional details regarding loan maturity, interest rate, repayment terms, or the intended use of the proceeds.
Large multifamily loans commonly support refinancing, permanent financing following construction completion, ownership recapitalizations, or other capital structure adjustments. Readers interested in similar lending transactions can also explore this guide to financing out-of-state rental properties. The recorded documents associated with this transaction do not indicate which of those purposes applies in this case.
Because no additional financing terms were disclosed in the public filings, the recorded amount remains the primary verified detail available regarding the transaction.
Who Owns the Tampa Apartment Property?
Property Ownership and Transaction History
The apartment community is owned by TF Azalea Apartments LLC, which is affiliated with real estate investment firm Trilogy.
Public records indicate Trilogy acquired the property for $85.75 million in 2023. The acquisition occurred before the apartment community reached completion.
Construction of Azalea Apartments was completed in 2024, bringing 289 residential units into Tampa’s multifamily inventory. The completion placed the property among the newer apartment communities delivered to the market.
Ownership through a limited liability company is a common structure for commercial real estate assets, particularly multifamily communities financed through institutional lenders or investment partnerships.
The newly recorded financing follows the property’s acquisition and completion, although public documents do not specify whether the loan replaced previous financing associated with development or acquisition.
What Is Known About the Financing Agreement?
The public filings confirm the parties involved and the total loan amount but leave several aspects of the financing undisclosed.
Available records do not indicate whether the transaction represents permanent financing following construction, a refinance of an existing obligation, or a recapitalization involving new equity and debt.
The documents also do not disclose whether additional lenders participated in the financing or whether Acre Credit Fund II JP LLC acted as the sole financing source throughout the transaction.
Commercial real estate financing agreements frequently include information such as maturity dates, collateral, guarantees, and loan covenants. Those details were not identified in the publicly available records associated with this filing.
Without additional filings or statements from the borrower or lender, the purpose of the financing cannot be confirmed beyond the recorded loan amount and the parties involved.
How Does the Loan Relate to Tampa’s Apartment Market?
Tampa Multifamily Market Outlook
The financing transaction comes while Tampa continues to absorb apartment units delivered during recent development cycles.
Market analysts have noted that construction activity has begun to moderate compared with earlier periods of elevated apartment development. A slower pace of new deliveries can reduce competitive pressure created by large volumes of recently completed projects entering the market simultaneously.
According to Colliers, reduced apartment construction is expected to support occupancy levels, rent growth, and multifamily investment activity within the Tampa market. A separate report on University of Tampa student housing financing illustrates that large residential financing transactions continue to be recorded across the Tampa area.
Financing transactions remain an important component of multifamily investment because owners frequently restructure capital after projects reach stabilization or after ownership changes. Public records connected to the Azalea Apartments financing, however, do not specify whether the property’s operational performance influenced the transaction.
Institutional financing continues to play a significant role in supporting apartment ownership across major metropolitan markets, particularly for recently completed communities that attract long-term investment capital.
Although financing volume can fluctuate with borrowing costs and capital market conditions, publicly recorded loans continue to provide visibility into investment activity across the multifamily sector.Frequently Asked Questions
How much financing did the Tampa apartment community receive?
Azalea Apartments secured $107.7 million in financing, according to public records.
Who provided the loan for the Tampa apartment property?
The lender identified in the public records is Acre Credit Fund II JP LLC.
Who owns the apartment community?
The property is owned by TF Azalea Apartments LLC, an affiliate of Trilogy.
Was the financing a refinance or a new loan?
Public records do not specify whether the financing represents a refinance, permanent financing, a loan conversion, or another type of recapitalization.
