Tampa Community Commands $13M
- May 31, 2019
Franklin Street has brokered the sale of Heritage at Tampa Apartments, a 110-unit community in Tampa, Fla. According to Yardi Matrix data, TLR Group purchased the asset from Axonic Properties, paying $13.1 million or $119,090 per unit. Prudential Financial originated a $10.5 million Freddie Mac loan for the acquisition, set to mature in 2029. Franklin Street represented both buyer and seller in the transaction and will provide property insurance for the new owner.
Located at 7011 San Ramon Place, Heritage at Tampa Apartments is near Hillsborough River, between Interstate 75 to the east and Interstate 275 to the west. Downtown Tampa is roughly 8 miles away and Tampa International Airport is within a 30-minute drive.
The community encompasses 15 two-story buildings constructed in 1969 on a 7.8-acre site. The unit mix features two- and three-bedroom floorplans ranging from 995 to 1,776 square feet. Community-area features include a resort-style swimming pool, spa, fitness center, clubhouse and 240 parking spaces. As of April, the property was 97.3 percent occupied, Yardi Matrix shows.
Managing Directors Darron Kattan and Robert Goldfinger, together with Senior Directors Kevin Kelleher and Zachary Ames of Franklin Street’s Tampa multifamily investment sales team represented both parties in the transaction, while Senior Director Lonnie Kitchen of the Franklin Street Insurance Services will insure the asset for the new owner.
An attractive configuration
According to Franklin Street, many investors took an interest in the asset since it includes a 4-acre parcel of developable land. TLR Group has separated the parcel that is soon to become a construction site. The buyer also owns the neighboring property, so both will have the same management team and leasing brokers.
“Heritage at Tampa is also a community that was converted to condominiums in 2006, but the seller was able to repurchase all the units and return the property back to its original use as apartments. That transition is something only a few real estate groups in Florida have done successfully,” said Kattan, in a prepared statement.
Axonic Properties sold another Heritage-branded asset in April. The 126-unit community, located just 3 miles north of Heritage at Tampa, traded for $15.8 million.