December 12, 2024
NEW APARTMENT BUILDING SALE IN TAMPA, FL BROKERED BY THE MULTIFAMILY FIRM
The Multifamily Firm, a boutique real estate brokerage specializing in multifamily and apartment property sales, is proud to announce the successful sale of the University Place Apartments in Tampa, Florida. The property, a four-unit, solid concrete-block masonry building constructed in 1984, sold for $675,000, which equates to $168,750 per unit and $197 per square foot. Despite the property having substantial deferred maintenance, significantly below market rents and securing third-party financing for the buyer, the transaction closed in just 28 days!
Located on a 0.24-acre parcel, this value-add property features a strong rental upside and an impressive history of zero vacancy over the past three years. Its proximity to major employment and education hubs, including the 499-bed James A. Haley Veterans’ Hospital (0.4 miles) and the University of South Florida (0.5 miles), ensures consistent tenant demand and long-term investment potential.
Value-Add Investment Opportunity
The sale of University Place Apartments underscores its appeal as a prime value-add investment. With its strong historic occupancy, substantial rental growth potential, and durable construction, this property provides an excellent opportunity for investors looking to significantly enhance returns through value-add capital improvements. Its favorable unit mix and proximity to key Tampa landmarks make it a standout asset in the multifamily market.
Florida's Dependable Multifamily Brokerage
The sale was professionally brokered by Kyle Keelan and Phil Ginexi of The Multifamily Firm, whose deep understanding of the Tampa multifamily market ensured the property was positioned effectively. With a proven track record of more than 150 Multifamily properties sold across Florida’s West Coast, the team’s ability to navigate a turbulent lending environment and close the deal in just 28 days highlights their dedication to delivering exceptional results for clients.
The Multifamily Firm, based in Sarasota & Tampa, is a boutique real estate brokerage specializing exclusively in the sale of Multifamily properties. With every transaction personally managed by our experienced founders, we deliver hands-on service and proven results for multifamily property owners and investors!
For more information about this sale, other multifamily opportunities or for a Complimentary Property Valuation to assess the current value of your multifamily property, contact us today!