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.
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.
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.
Read the latest Tampa business news and updates
The financing comes as Tampa’s apartment market continues to absorb a wave of new supply delivered over the past several years. Colliers expects declining construction activity to support stronger occupancy, renewed rent growth and increasing transaction activity as the market moves into its next cycle.
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 transactions.
Read More Tampa Bay Business News
Explore the latest Tampa Bay business news, real estate deals, development projects, executive moves and company updates shaping the region.