Cut LLC has sold a two-property portfolio totaling 32 units in Tampa, Fla. Oak Gardens Apartments was acquired by Drew Park Apartments LLC, a 1031 exchange buyer. Franklin Street brokered the sale of the communities and represented both the buyer and the seller in the deal.
Located at 11717 N. 14th St. and 11734 N. 15th St., the two buildings are near major roads, such as Freeway 41 and Interstate 275, about 9 miles from downtown Tampa. In addition, the properties are within 1 mile from University Mall and within 2 miles from the University of South Florida. Built in 1981, the two properties comprise a mix of studios, one- and two-bedroom units, featuring 9-foot ceilings, air conditioning, built-in bookshelves, ceiling fans, linen closets, vaulted ceilings and washer and dryer hookups. Communal area amenities include on-site, 24/7 management and laundry facilities.
“The Tampa Bay market continues to experience significant demand for multifamily investments that have a true value-add component such as Oak Gardens,” said Avery Jordan, investment sales senior associate at Franklin Street, in prepared remarks. “Despite rising interest rates, we are continuing to see strong sales volume and pricing driven largely by rent growth and upside in management efficiencies.”
Image courtesy of Franklin Street