Two Tampa-Area Multifamily Properties Change Hands
The Oak Ridge Apartments, a 137-unit, garden-style, multifamily asset in Largo, which includes apartments and townhomes, sold for $15.9 million, or $116,350 per unit.
TAMPA—Two multifamily properties in the Tampa region totaling 280 units were traded for a combined value of $31.1 million.
Cushman & Wakefield reported the two transactions. The firm’s Florida Multifamily Investment Team represented the seller in both deals.
The Oak Ridge Apartments, a 137-unit, garden-style, multifamily asset in Largo, which includes apartments and townhomes, sold for $15.9 million, or $116,350 per unit. The second Tampa area property that has new ownership is The Park at Ashley Place, a 143-unit, garden-style, apartment community located approximately 30 miles north of Tampa in New Port Richey. The value-add property sold for $15.2 million, or $106,049 per unit, and is currently 98% occupied.
C&W executive director Nick Meoli and executive director Mike Donaldson with Cushman & Wakefield’s Florida Multifamily Investment Sales Team represented Raymond Katz with New York-based HKSK Corp. in the disposition of Oak Ridge Apartments. The buyer was DLS Partners, LLC, which focuses on acquiring upside core multifamily assets in Florida.
Oak Ridge Apartments sits on approximately 12.6 acres at 13333 Ridge Road and has frontage on Ulmerton Road, a primary artery of Pinellas County that connects to Tampa via Interstate 275 to the east and the Gulf beaches to the west.
Of the 137 residences, 69% of units are two-story townhomes with either two or three bedrooms, ranging from 970 square feet to 1,198 square feet. The other 31% of units are 750-square-foot, one-bedroom apartments.
Approximately 70% of units have been partially renovated with new cabinetry, countertops, appliances, flooring and lighting. The community features two swimming pools with clubhouses, and the townhome units include private fenced-in patios.
In The Park at Ashley Place transaction, Meoli and Donaldson, along with Cushman & Wakefield’s Florida Multifamily Investment Sales Team, represented Nick Pittarelli, Avery Palevsky and Gerard Abitbol with Symcor Capital Partners, a Canadian real estate investment firm, in the disposition. The buyer is Main Street Holdings, LLC, a regional real estate investment firm based in Stuart, FL that focuses on multifamily assets.
The Park at Ashley Place is situated on approximately eight acres at 4031 Vista Verde Drive. Built in 1986, the property comprises 13 block-construction buildings with 95 one-bedroom units and 48 two-bedrooms units, averaging 786 square feet. Community amenities include gated access, a swimming pool with paved sundeck and pergola, a fitness center, a clubhouse with a business center, a pet park and a picnic/grilling area.