Sunshine Century Corp. of central California is selling its 349-unit, 178,500-sf Sun Pointe Lake Apartments at 14200 Bruce B. Downs Blvd., near the University of South Florida in Tampa for nearly $14 million, or $39,971 per unit and $78 per sf. The 21.5-acre community, built in 1981, has unfurnished and furnished one-bedroom and two-bedroom units from 510 sf to 1,020 sf and renting from $575 to $995 per month.
"This property is being offered free and clear of existing debt, which allows an investor to secure financing in today's advantageous capital markets," says Robert Goldfinger, a broker in Marcus & Millichap's Tampa office. John Crotty and Timothy Johnson are working with Goldfinger on the deal. The sales price carries a 7.55% capitalization rate.
In nearby Clearwater, Lyon Management Co. of Newport Beach, CA is selling its 19-year-old, 461-unit, 371,604-sf Jasmine at Clearwater Apartments for $25.8 million, or $55,965 per unit and $69 per sf. The asset has a 7.03% market capitalization rate.
The 36-acre apartment, 92.5%-occupied community at 6550 150th Ave. North has 93 studio units, 156 one-bedroom apartments and 212 two-bedroom units. The units are 539 sf to 973 sf and rent for $553 to $722 per month. The property is located in "a strong infill location" with full recreational amenities, according to Darron Kattan of Marcus & Millichap's Tampa office. Evan Kristol and Brandon Rex of the firm's Fort Lauderdale office are working with Kattan on the sale.
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