Marcus & Millichap Closes Tampa Community Sale
- Dec 21, 2016
Tampa, Fla.—Marcus & Millichap recently announced that it has closed the sale of Key Vista, a 328-unit Tampa multifamily community with an affordable housing component. The asset traded for $12.1 million, nearly $37,000 per unit. Michael Regan and Francesco Carriera, first vice presidents for investments in Marcus & Millichap Tampa’s office, represented the seller.
According to Yardi Matrix data, the buyer of the property was Strategic Realty Capital and the seller was Huijun Yang. The sale was subject to an acquisition and development loan in the amount of $6.8 million held by Greystone Servicing Corp.
Key Vista encompasses 14 two- and three-story residential buildings, as well as a building that serves as leasing office, clubhouse and children’s day care center. The community was completed in two phases. Phase I, located at 1811 Tinsley Circle, was built in 1974 and features 156 market-rate units. Phase II, located at 12535 Tinsley Circle and formerly known as Carlisle Lakes Apartments, was built in 1999 and has 172 units, operated under the LIHTC program.
Community amenities include two swimming pools, sand volleyball court, playground, fitness center, clubhouse, 795 parking spots and a business center.
Key Vista is located in close proximity to the University of South Florida’s main campus, the James A. Haley Veterans’ Hospital, University Mall, Busch Gardens Tampa Bay and Adventure Island.
“The property features both conventional market-rate apartments and units that operate under the Section 42 Low Income Housing Tax Credit (LIHTC) program,” said Regan in a prepared statement.
Image courtesy of Yardi Matrix