Tampa Rental Property Commands $60M

Axonic Properties acquired the asset from Sachs Cos. for the equivalent of $170,624 per unit, with JBM Institutional Multifamily Advisors facilitating the deal.

The Marquis of Tampa. Image courtesy of JBM Institutional Multifamily Advisors

Axonic Properties has purchased The Marquis of Tampa, a 354-unit multifamily property in Tampa, Fla., from Sachs Cos. for $60.4 million, or $170,624 per unit. JBM Institutional Multifamily Advisors facilitated the sale of the asset located at 18002 Richmond Place Drive.

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Built in 1998, the property features a mix of units with an average size of 1,206 square feet, ranging from one to four bedrooms. All units have direct access garages. The park-like, gated community comprises 36 buildings of two stories with preservation land throughout the site. Amenities include two swimming pools, two spas, a clubhouse and fitness center, tennis court, theater room and gated entry.

The community is more than 97 percent occupied, according to Yardi Matrix data. Located in the growing New Tampa neighborhood in the city’s northeast, nearby Flatwoods Wilderness Park, the asset enjoyed a highly competitive buyer pool and a “staggering” number of tours, according to a prepared statement by JBM.

Investment advisor Axonic Properties owns more than 1,000 residential units throughout Florida. The firm recently sold the nearby Temple Terrace Apartments, a 126-unit community in Hillsborough County, to Creative Realty Partners for $15.8 million. Axonic also recently offloaded Hanley Place Apartments, a 400-unit community in Tampa, for $42.2 million.

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