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Location: Tampa, FL
Asking Price: $33.5M
TERMS: All cash
NOI: $1,616,750
OCCUPANCY (AS OF 7.10.2015): 93.9%
INVESTMENT HIGHLIGHTS
This is a 250-unit garden apartment community in Palm Harbor, one of the top-performing submarkets of the dynamic Tampa Bay MSA. The property was built in 1988, and represents an excellent opportunity to acquire a stabilized, well-maintained asset with proven value-add upside potential.
The new owner will have the opportunity to increase rents by expanding upon an already proven value-add interior renovation program and capitalize on the dynamic performance trends throughout the submarket.
PROPERTY HIGHLIGHTS
This community is 250 units with a large average unit size of 1,063 square feet in a well-designed floor plan, with one- or two-bedroom flats as well as two-story townhomes. The property offers a highly competitive community amenity package including a clubhouse with catering kitchen, newly renovated 24-hour fitness center, off -leash dog park, resort-style heated swimming pool with large sundeck, lighted tennis courts, lighted basketball/sport court, picnic area with new
barbecue grill and smoker, courtyard gazebo, valet trash pickup, car care center and gorgeous, mature landscaping with abundant oak trees.
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