Insula Cos. Offloads Tampa Community for $21M

The asset sits a mile north of the University of South Florida’s campus and consists of 168 two-bedroom townhouse units.
St. Moritz Apartments in Tampa, Fla.

A joint venture between Creative Realty Partners and Michaelson Real Estate Group has acquired the St. Moritz Apartments, a 168-unit multifamily community in Tampa, Fla. The sale price was $20.7 million, according to Yardi Matrix. The seller, Insula Cos., initially purchased the asset from Convergent Capital Partners in 2014 for $11 million. Following the sale, Michaelson will take over management of the property.

The community, located at 13841 Heritage Club Drive, is about two and a half miles east of Interstate 275 and less than one mile from the University of South Florida’s campus. The Florida Hospital of Tampa and University Plaza, a retail asset home to Target, ALDI and Dollar Tree, sits within walking distance.

Across its 21 two-story buildings, each unit is a two-bedroom, two-bathroom townhouse containing 1,232 square feet. The previous owner renovated and upgraded the property over the past two years. According to Yardi Matrix data from February 2018, the asset was 97 percent occupied. On-site amenities include:

  • swimming pool
  • fitness center
  • business center
  • clubhouse
  • tennis court
  • laundry facilities

Additionally, 365 parking spaces are available for residents, with garages available for an additional monthly charge.

Image courtesy of Yardi Matrix