A San Francisco-based real estate investment firm that oversees $1 billion in assets has acquired a multi-family housing complex near The Villages for $8.65 million, joining a growing list of prominent firms making similar commercial real estate investments.
TRC Cypress Commons LLC bought the Cypress Commons Apartments from The Villages Owner, LLC, for $8,650,000 on February 25, according to a recently filed deed with the Sumter County Property Appraiser’s office.
Cypress Commons Apartments in Wildwood were just acquired for $8.65 million.
Located at 775 Huey Street in Wildwood, the apartment complex contains approximately 424,270 square feet in livable apartment space.
An aerial shot of Cypress Commons apartments, which were just purchased by a California based company for $8.65 million
According to state corporate records, TRC Cypress Commons operates as a subsidiary of TableRock Capital, a San Francisco-based real estate investment firm and operator that manages about $1 billion in assets. Jeremy S. Bronfman of Santa Monica, California, owns The Villages Owner, LLC.
TableRock Capital focuses on both market-rate and affordable multifamily housing. The company states that its direct-investment team includes between 11 and 50 employees, and its portfolio consists of approximately 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 administrative building at the Cypress Commons apartment complex
The latest sale follows several other major commercial real estate transactions across The Villages in recent months.
In early March, a New York-based investment group with more than $4 billion in profits paid $5.49 million to purchase over 44 acres near The Villages, directly across from a large residential development in Wildwood.
Blackstone, Inc., the world’s largest asset management firm, purchased a 10.94-acre commercial property in Wildwood for $4.5 million in mid-February. The site, home to the Sparr Building and Farm Supply, sits just southwest of Brownwood at 6000 Signature Drive.
Several other commercial properties have recently been sold as well, including The Spruce Creek Terrace Shoppes, Better Times RV Community, the Days Inn by Wyndham in Wildwood, and a property anchored by a 7-Eleven in Sumterville.
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