Franklin Street has arranged the sale of University Gardens, a 292-unit multifamily rental community in the University Square submarket of Tampa. Uptown Ambrus Investments, LLC, a private equity investment group, acquired the property from locally-based 13142 22nd, LLC. The buyer paid $23.5 million for the asset, located at 2002 Colonial Parc Drive, which equates to $80,479 per unit or $105.19 per square foot. Darron Kattan, Kevin Kelleher, Zachary Ames and Avery Jordan of Franklin Street Real Estate Services in Tampa represented both parties in the transaction. Franklin Street Capital Advisors’ Casey Siggins and Ben Miller secured financing for the sale.
“The strong buyer demand for University Gardens is another example of the continued desire for investors to own workforce housing in Central Florida, especially in improving submarkets like the University Square area,” said Kelleher, senior director of multifamily investment sales at Franklin Street’s Tampa office. “The area, now commonly referred to as the Innovation Alliance District, has given a spark to a location that was traditionally only Class C or purpose-built student housing. Today, an older asset like University Gardens can be improved and thrive by providing a mid-level rental experience in a submarket which is vastly underserved with that product type.”
Built in phases between 1969 and 1974, University Gardens is situated eight miles directly north of downtown Tampa on I-275 and offers a mix of studios, 1-bedroom, 2-bedroom, and 3-bedroom apartment units. The property is located just southwest of the University of South Florida and provides easy access to the University Mall, Busch Gardens, and Adventure Island water park.
About Franklin Street: Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management and Project Management – Franklin Street offers unmatched value and optimal solutions for clients nationwide. Learn more about Franklin Street at FranklinSt.com.