This marks Universe’s initial acquisition in Florida, with intentions to make additional investments in the coming years.
Universe Holdings is making its entry into the Florida real estate market through the acquisition of a multifamily property in Tampa Bay. The Los Angeles-based company purchased the 250-unit Pearce at Pavilion apartments located at 3603 Pavilion Palms Circle in Riverview, approximately nine miles southeast of downtown Tampa Bay, for $66 million. This translates to $264,000 per unit.
As part of the transaction, Universe took on a Fannie Mae loan with a 4.13 percent interest rate, which still has several years until its maturity date. In the current market environment, properties with assumable debt are particularly appealing to investors, given the challenges posed by high-interest rates and stringent lending standards. The relatively low mortgage payment factored into Universe’s decision to proceed with the purchase.
Universe CEO Henry Manoucheri expressed confidence in having a below-market fixed rate locked in for several more years, providing reassurance as the market undergoes potential changes. He mentioned plans to refinance the property closer to the loan maturity when interest rates are expected to be lower.
This acquisition marks Universe’s inaugural venture into the Florida market, with intentions to acquire additional large multifamily properties in the Sunshine State over the next 12 to 24 months. The company is attracted to Florida due to its robust economy, business-friendly policies, and a consistent influx of new residents, particularly those relocating from areas with a higher cost of living. Universe is specifically targeting Class A properties for future investments, focusing on newer built products to streamline operations and avoid heavy value-add budgets from the outset.
The Pearce at Pavilion property features one- and two-bedroom floor plans, offering amenities such as a resort-style pool and spa, a clubhouse with a coffee bar, a game room, a fitness center, and a dog park. Universe, established in 1994, has already acquired more than 7,500 apartments in California and New Jersey. The company’s strategic move into the Florida market aligns with its commitment to self-managing properties and seeking existing, consistent cash flow. In August, Universe listed a 200-unit portfolio in southwest Los Angeles for sale.
