Inland Real Estate Acquisitions LLC has acquired Laurel Oaks Apartments, a 192-unit community in Tampa, Fla. Carroll Organization traded the property for $22.1 million which equates to $115,104 per unit, according to Yardi Matrix data.
Situated at 8781 Orange Leaf Court, the community is just off Freeway 301 and Interstate 175, around 11 miles from downtown Tampa and 5 miles from Tampa Executive Airport. Additionally, Laurel Oaks Apartments is approximately 10 minutes from the University of South Florida and Florida Hospital. The 24-building property was originally built in 1986 and underwent interior and exterior renovations in 2016 and 2017. The property comprises a mix of one-, two- and three-bedroom units. Communal area amenities include:
- fitness center
- swimming pool
- pet park
- sun deck
- tennis court
- sand volleyball court
- grilling area
“Laurel Oaks Apartments was an attractive acquisition opportunity because of the need it fills for the community of more than 162,000 residents within a five-mile radius,” said Matthew Tice, senior vice president of Inland Real Estate Acquisitions, in prepared remarks. “Offering modest rental rates compared to the surrounding apartment communities, the property’s value-add upgrades and sought-after community amenities offer an affordable workforce housing solution for the variety of employees in the area.”
Earlier this year, Carroll Organization, in partnership with PGIM Real Estate, purchased a four-property portfolio in South Florida.
Image courtesy of Yardi Matrix