Tampa Community Sells for $24M

Uptown Ambrus Investments has obtained a $12.2 million loan for the acquisition of the 292-unit property in the University Square submarket.
University Gardens
University Gardens. Image courtesy of Franklin Street

Locally based 13142 22nd LLC has sold University Gardens, a 292-unit community in Tampa, Fla. Uptown Ambrus Investments LLC has acquired the property for $23.5 million or $80,479 per unit. Franklin Street Real Estate Services represented both parties in the transaction, while Franklin Street Capital Advisors secured financing for the sale. According to Yardi Matrix data, the $12.2 acquisition loan was originated by TD Bank.

“The area, now commonly referred to as the Innovation Alliance District, has given a spark to a location that was traditionally only Class C or purpose-built student housing. Today, an older asset like University Gardens can be improved and thrive by providing a mid-level rental experience in a submarket which is vastly underserved with that product type,” said Kevin Kelleher, senior director of multifamily investment sales at Franklin Street’s Tampa office, in a prepared statement.

Kelleher, together with Darron Kattan, Zachary Ames and Avery Jordan were part of Franklin Street Real Estate Services’ Tampa team that assisted both the buyer and the seller. The Capital Advisors team included Casey Siggins and Ben Miller.

Community features

Located at 2002 Colonial Parc Drive in the University Square submarket, the property is situated 8 miles north of downtown Tampa on Interstate 275, and Tampa International Airport is within a 30-minute drive. University of South Florida is less than 1 mile away, and residents also have easy access to the University Mall, Busch Gardens and Adventure Island water park.

Built in phases between 1969 and 1974, the asset consists of 12 two-story buildings constructed on an 11-acre parcel. The community offers a mix of studios, one-bedroom, two-bedroom and three-bedroom apartment units with floorplans ranging from 350 to 1,600 square feet, per Yardi Matrix data. Common-area amenities include three swimming pools, five laundry facilities and 575 parking spaces.

Last December, Franklin Street represented both parties in the selling of a two-property Tampa portfolio located just 1 mile southwest of University Gardens.