Vintage Hyde Park Portfolio Brought Up to Speed

An apartment portfolio consisting of three assets within the class A+ Hyde Park and South Tampa submarkets was picked up by a private investor.
Hyde Park Apartments

Hyde Park Apartments

The 36-unit Hyde Park Apartment Portfolio situated in the A+ Hyde Park and South Tampa submarkets sold for $4.13 million, as announced by Marcus & Millichap’s Tampa office in mid-September. The identities of both parties involved in the transaction were undisclosed.

The portfolio is comprised of 30 one-bedroom/one-bathroom and five two-bedroom/two-bathroom units and a studio in three properties totaling 23,830 square feet. The Rome and Dekle communities are 1920s vintage assets located within a few blocks of each other in the Historic Hyde Park neighborhood. The third one is also a vintage community, built in the 1960s, and it is located just west of Memorial Hospital in the Palma Ceia Gardens neighborhood. The units range in size from 375 rentable square feet up to 1,025 rentable square feet.

An investment team led by Vice Presidents Michael P. Regan, Francesco P. Carriera and Casey Babb, along with Associates Cameron Barbas and Ari Ravi of Marcus & Millichap’s Tampa office marketed the property on behalf of the seller. The same team also secured and represented the buyer.

The new ownership plans to carry out a series of interior and exterior upgrades in order to bring rents in line with the current market rate. The portfolio sold at a cap rate of 6.54 percent.

Photo credit: Marcus & Millichap