An 80-unit garden-style apartment community located in South Tampa landed recently in the hands of an Ann Arbor, MI-based institutional real estate firm. The $5.6 million deal was announced by Franklin Street Real Estate Services, which represented both the buyer and the seller, a private partnership based out of Tampa, Fla.
Dubbed Arbor Alley, the apartment community was developed in 1984 and has been managed by its previous owner since 1999. Amenities include a swimming pool, laundry facilities, high speed internet access, and 160 parking spaces. Due to its location at 6237 South Manhattan Ave., the community has access to MacDill Air Force Base, Downtown Tampa, Pinellas County and the Westshore Business District.
“Larger apartment communities over 100 units are extremely desirable in today’s market,” Robert Goldfinger, managing director of Franklin Street Real Estate Services, said in a prepared statement. “Tampa Bay’s occupancy rates are very low and this provides opportunities for rent growth. Additionally, there is great demand and only so many properties available for purchase, which is causing supply constraints and a resurgence of historically low cap rates that disappeared after the 2008 recession.”