TAMPA, FL-Miles Properties of Atlanta buys the 324-unit, 92%-occupied, 35-year-old Society Park Apartments at 6919 Bonair Dr. for $26,235 per unit. The Tampa and Phoenix offices of CB Richard Ellis Inc. negotiated for the seller.
Miles paid Denver-based AIMCO $26,235 per unit for the one-bedroom and two-bedroom units which range from 624 sf to 960 sf of living area. The monthly rent range is $500 to $625.
The purchase of the 35-year-old asset bears out a previous multifamily Tampa area study made by San Francisco-based Marcus & Millichap. The study pinpointed five submarkets with the most potential for rising values over the next five years. They are Pasco-Hernando, Temple Terrace, Polk County, Town 'n Country, Manatee County and St. Petersburg, FL.
"They all have excellent upside potential, with favorable population growth, minimal multifamily construction and low but growing rents," Steven Ekovich, senior vice president/regional manager of Marcus & Millichap's Tampa and Orlando office, told GlobeSt.com in than earlier story.
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