Tampa-Area Value-Add Community Sells for $18M

The 143-unit multifamily asset traded for almost double the price it sold in 2012. The new owner intends to upgrade and reposition the Class B property.
The Park at Ashley Place

Main Street Residential acquired The Park at Ashley Place, a 143-unit community near Tampa, Fla. According to Yardi Matrix data, the seller was Toulon Capital Partners. Pasco County records show the asset traded for $15.2 million, almost double the price it sold for in 2012. The Bancorp Bank provided the buyer with $11 million in acquisition financing. 

Located at 4031 Vista Verde Drive in New Port Richey, the community is approximately 30 miles northwest of downtown Tampa. The property is across the street from a grocery-anchored shopping center, and a public bus route connects the asset with the wider metro area.

The Park at Ashley Place consists of 12 two-story buildings developed in 1987 on nearly 8 acres. The unit mix comprises one- and two-bedroom floorplans averaging 749 square feet. Common-area amenities include a clubhouse, swimming pool and fitness center. The property was 97.9 percent occupied as of June, per Yardi Matrix.

Main Street Residential will implement several renovations and general improvements at the Class B property. The value-add program includes full exterior, interior, common area, energy saving and technology upgrades.

In July, a 350-unit multifamily property traded 20 miles south in Clearwater. MLG Capital acquired the asset for a little over $39 million.