New York-based investor Axonic Properties sold the 296-unit River View Apartments in Tampa, Florida, to an undisclosed buyer taking title as River View Apartments LLC for $31 million, or about $105,000 per unit.
Axonic Properties originally acquired the apartment complex in 2017 from The Reliant Group for $23.4 million, according to CoStar data.
Located at 5659 Del Prado Drive, the garden-style apartment complex was built in 1971. River View Apartments offers a mix of one- and two-bedroom floorplans, ranging in size from 894 to 1,565 square feet, according to CoStar data.
Darron Kattan, managing director of multifamily investment sales at real estate brokerage and services firm Franklin Street, said that Axonic Properties completed capital improvements to the multifamily community after the firm purchased the property in 2017. Details on what improvements were made to the community, however, were not disclosed.
Kattan, along with Kevin Kelleher, Zachary Ames and Robert Goldfinger of Franklin Street, brokered the deal on behalf of the seller and the buyer.
Please see CoStar COMPS #4489049 for more information on this transaction.