Two Tampa Communities Trade for $27M
- Jul 22, 2016
Tampa, Fla.—The Tampa Bay market is becoming increasingly appealing to investors. Berkadia has recently arranged the sale of two of the metro’s multifamily properties, Newport Villas and Pinetree Apartments, which changed hands for a combined $27.3 million.
The transactions were completed by Senior Director Jason Stanton of the Tampa office and Senior Director Hal Warren and Managing Director Cole Whitaker of the Orlando office.
“Both of these communities represent a great opportunity for a value-add renovation program, making them appealing to investors in the Tampa Bay market,” Stanton said in prepared remarks. “Additionally, the employment opportunities offered by the booming business in the downtown area makes this a particularly attractive market.”
Located at 4902 N. Macdill Ave., Newport Villas was sold by Newport Lakeside LLC of Miami to The RADCO Cos. of Atlanta for $20.3 million on June 30. The 372-unit property, which was more than 97 percent occupied at the time of sale, offers one- and two-bedroom floor plans. Unit amenities include ceiling fans, ceramic tiled kitchens and bathrooms, oversized patios, pantries and walk-in closets. Community amenities include 24-hour laundry facilities, a business center, a cardio fitness center, a clubhouse with a TV room, floating sun deck, a fishing lake, lakeside boardwalk, picnic and barbeque areas and a swimming pool.
Pinetree Apartments, located at 3706 W. Idlewild Ave., was sold by Miami-based Newport Pinetree LLC to Tampa-based Idlewood Avenue Apartments LLC for $7 million. The 110-unit property, built in 1985, offers one- and two-bedroom floor plans that feature air conditioning, basic cable, ceiling fans, energy efficient appliances, self-cleaning ovens and patios or balconies. Select units include vaulted ceilings and walk-in closets. The community has two laundry facilities, a fitness center, a clubhouse, on-site maintenance and management, package pick-up, a picnic area with barbeque grills and a swimming pool.
Both properties are less than 7 miles from downtown Tampa and less than 5 miles from the Westshore District. Nearby Tampa Bay Park Office Complex is a 469,000-square-foot corporate office space that includes tenants such as T-Mobile, The Art Institute of Tampa and New York Life.
The Tampa Bay market has a current occupancy of approximately 95.7 percent, with average rents of $1,000 as of June 2016, representing a 7.5 percent year-over-year increase. Tampa Bay also ranks second among Florida cities for year-over-year job growth. The metro added 49,900 positions across all sectors during the 12-month period ending in April 2016.
Image courtesy of Berkadia