ResProp Adds Tampa Communities to Management Portfolio
- Jun 11, 2019
ResProp Management is expanding its portfolio with the addition of two Tampa multifamily assets owned by Trinity Property Group and adding up to 160 units.
Seastone and River Rock Luxury, the two neighboring assets, are located in Temple Terrace, within a mile of the University of South Florida, southeast of the campus. The pet-friendly communities include two- and three-bedroom apartments and are situated within walking distance of several retail and dining options at the intersection of Fowler Avenue and North 56th Street.
Located at 11050 Le Jardin Circle, the 96-unit Seastone was completed in 1973. According to Yardi Matrix data, Trinity acquired the community from Blackhawk Realty Advisors three years ago, for $9.9 million. The six-building property offers 24-hour emergency maintenance, a barbecue grilling area, a swimming pool, off-street parking and outside storage, among other amenities. Situated at 11301 N. 53rd St., River Rock offers on-site management and maintenance, laundry facilities, a pool with gazebo, walk-in closets, laundry facilities and a playground.
The Tampa multifamily market remains hot, according to a recent report, with the transaction volume in the metro reaching $2.5 billion last year for a new cycle peak. At the same time, at 3.6 percent year-over-year as of March, rent growth continued to outpace the national average, as rental demand in Tampa remained one step ahead of supply.