Downtown Tampa Apartments Sell for $11M
- Jul 19, 2016
Tampa, Fla.—Columbus Court Apartments in Tampa has traded for $11 million. Located at 2802 Statelite Court, the sale represents a price of $68,750 per unit and $78.95 per foot.
The property is a 160-unit, garden-style community in the downtown Tampa submarket. Built in 1969, Columbus Court Apartments consists of eight three-story buildings comprised of concrete-block construction. The property has a waterfront location.
Darron Kattan, Kevin Kelleher, Zachary Ames and Robert Goldfinger of Franklin Street represented both the seller, Rome Holdings LLC, and the buyer, SP CC Apartments LLC, in the transaction.
Columbus Court operates under a full project-based Section 8 contract. The buyers have secured public funding, which will allow them to renovate the property significantly, preserve the affordable restrictions and allow for residents who wouldn’t normally be able to afford to live in such a location the ability to do so, Kattan explained.
Tampa, formerly a less active apartment market than the likes of Miami or Orlando, is now seeing considerable growth in demand and rising rents. According to Axiometrics, the Tampa-St. Petersburg metro had the eighth highest rent growth (Orlando placed ninth) in the nation during the first quarter of this year.