TAMPA, FL—Bridgeview Apartments, a 348-unit multifamily community in Tampa, FL, has traded hands. The multifamily complex sold for $31 million, which equals $89,000 per unit.
Marcus & Millichap‘s Institutional Property Advisors Florida executive director Jamie B. May advised the seller, Bridgeview Apartments LLC. The buyer is Capital Square Management.
“Bridgeview Apartments is a well-maintained, stable asset in a central location,” says May. “The property is producing strong cash flow and there is great potential to add value through strategic capital investments such as interior unit renovations that will allow the new ownership to capitalize on revenue increases.”
Built in 1986, the 297,928-square-foot multifamily community sits on about 30 at 5307 Reflections Club Drive in Tampa. The apartment complex is close to the Tampa International Airport and Veterans Expressway, one of the region’s primary transportation arteries. The Westshore business district, home to 12.4 million square feet of office space and 4,000 businesses, is also nearby.
Bridgeview Apartments offers 17 wood-framed, two and three-story residential buildings with stucco exteriors and new roofs. Community amenities include a clubhouse with a leasing and manager’s office, a fitness center, two indoor air-conditioned racquetball courts, two lighted tennis courts, a business center and a covered outdoor patio that provides direct access to a resort-style swimming pool.