Tampa, Fla.—Capital Square Realty Advisors LLC has acquired Bridgeview Apartments, a 348-unit garden-style property in Tampa for an unspecified price. The property consists of 17 wood-framed and stucco residential buildings ranging between two and three stories each.
Bridgeview features a clubhouse with a new business center, resort-style pool, playground, fitness center and tennis and racquetball courts. The property is located in a two-acre site with three onsite lakes.
According to the buyer, the property will be able to take advantage of the area’s strong fundamentals.
Hillsborough County currently has a workforce of about 740,000, a figure that is projected to increase to 922,000 by 2015 as the population continues to expand. A number of Fortune 1000 companies are headquartered in the metro area, including OSI Restaurant Partners, WellCare Health Plans, TECO Energy and Raymond James Financial.
Investment specialist Marcus & Millichap is predicting that the greater Tampa apartment market will end this year at a vacancy rate of 5.3 percent, down from 6.1 percent at the end of 2012, because of brisk leasing. Effective rents, according to the company, rose 4.2 percent last year, and are expected to do the same this year.
Capital Square Realty specializes in putting together deals for Section 1031 tax-deferred exchange investors and cash (non-1031) investors using the Delaware Statutory Trust structure. The DST interests are sold by independent broker-dealers across the country, with property and asset management services provided by affiliate Capital Square Management LLC.