Tampa Property Sells for $42M

Institutional Property Advisors arranged the sale of Hanley Place Apartments on behalf of the seller, Axonic Properties, and procured the buyer, NorthEnd Equities.
Hanley Place

NorthEnd Equities has acquired Hanley Place Apartments, a 400-unit property in Tampa, for $42.2 million or $105,375 per unit. Institutional Property Advisors (IPA) brokered the sale on behalf of the seller, Axonic Properties, and procured the buyer.

Located at 7315 W. Hanna Ave., Hanley Place is near State Route 580, 10 minutes from Tampa International Airport. The area offers various shopping and entertainment options, including the International Plaza and Bay Street retail center and two one million-square-foot shopping centers, the Westshore Plaza and Westfield Citrus Park. The 15-building community was constructed in 1972 and comprises a mix of one-, two- and three-bedroom apartments, averaging 1,089 square feet. Community amenities include:

  • controlled access
  • playground
  • two swimming pools
  • four laundry facilities
  • 1,000 parking spaces

“Hanley Place is a stabilized asset with high historical occupancy,” said Michael Regan, senior managing director at IPA, in prepared remarks. “The property will provide new ownership with in-place cash flow and passive upside.”

Regan and Senior Managing Director Frank Carriera represented the seller and procured the buyer.

Image courtesy of Yardi Matrix