Hyde Park Apartments Fetch High PPU
- Aug 20, 2015
An apartment portfolio with “top of the market rents” has recently changed hands in the Hyde Park and South Tampa submarkets of the Big Guava. The De Leon & Azeele Portfolio counts 26 units and it was sold to an out-of-area buyer for $3.3 million. This translates into a relatively high per-unit price, just shy of $127,000.
The portfolio consists of three two-story buildings constructed in the 1920s and 1960s—the properties are located at 611 W De Leon St., 801 W Azeele St. and 3012 W De Leon St. All are situated within walking distance of downtown Tampa, the University of Tampa, Hyde Park Village and South Howard Avenue. The apartments range in size from 550 to 1,300 rentable square feet and include one- and two-bedroom units with up to two baths.
Marcus & Millichap’s Tampa office facilitated the sale. Vice Presidents Francesco Carriera and Michael Regan and Associate Cameron Barbas marketed the property on behalf of the seller. The same team also represented the buyer in the transaction. Both parties were undisclosed private investors. “We effectively drove multiple offers from local and out-of-area owners in the first weeks of marketing, and the property was ultimately purchased by an out-of-area buyer,” says Barbas.