Infinity BH Acquires Community Near Tampa

Constructed in 1974, the property has undergone recent renovations.

The pool at the property. Image courtesy of Cushman & Wakefield

Infinity BH has acquired Grove at Temple Terrace, a multifamily community in Temple Terrace, Fla., directly north of Tampa, from 29th Street Capital. The 180-unit apartment property, which is located at 8741 Grove Terrace, sold for $26.7 million. Nick Meoli and Mike Donaldson of Cushman & Wakefield represented the seller in the transaction.

Built in 1974, the roughly 199,000-square-foot property was approximately 92 percent-occupied at time of sale. Apartments average more than 1,100 square feet in size. Features include warming drawers, washer-dryer hookups and high-speed internet access, while common-area amenities include a clubhouse equipped with a complimentary coffee bar.

Value-add strategy

Infinity BH intends to take advantage of a value-add program at Grove at Temple Terrace. The community has undergone interior and exterior renovations over recent years, but still presents an opportunity for rent growth through value-add improvements.

Among the planned upgrades are the installation of privacy fences in townhome units, the addition of a package receiving center in the clubhouse, implementation of landscape improvements, repositioning of the tennis courts and upgrading apartment interiors with a luxury-grade finish.

Grove at Temple Terrace is located within walking distance of shops, restaurants and other conveniences situated along North 56th Street and Bullard Parkway.

The community is near the University of South Florida, Everest University in Brandon and Hillsborough Community College in Ybor City, as well as Busch Gardens Tampa Bay, and the Museum of Science and Industry. LD&D recently acquired a Tampa site for a planned $200 million mixed-use development.

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