IQ Apartments
For sale12708 Bruce B Downs Blvd
Property type
Multifamily, Student Housing
Unit / Space count
183
Price
Market Bid
Year built
2016
Occupancy
95%
Lot size
5.23 acres
Number of buildings
2
Bedroom count
656
Property description
IQ Apartments presents a rare opportunity to acquire a modern, institutional-quality student housing community directly across from the University of South Florida, one of the nation’s leading public research universities. Built in 2016, the 183-unit, 656-bed property combines an exceptional campus-adjacent location, strong in-place cash flow, and meaningful rental upside in one of Florida’s fastest-growing metropolitan areas. With 95% occupancy, a comprehensive resort-style amenity package, structured parking, and spacious, fully furnished residences featuring private bedrooms and bathrooms, IQ offers a highly competitive living experience without the need for substantial repositioning. IQ’s average bedroom rents are below the comparable market average rents for the similar unit types. The three- and four-bedroom floorplans make up 92% of the bedrooms at IQ, and sit approximately $100 to $110/bed below market. This concentration of below-market rents creates a meaningful opportunity to enhance income through strategic rental increases while maintaining the property’s competitive position. Investors can capitalize on this embedded upside without relying on an extensive renovation program, offering an attractive combination of current income and future growth potential. IQ’s location further strengthens its long-term investment appeal. Situated just across Bruce B. Downs Boulevard from USF, the property offers convenient access to campus, particularly USF Health Hospital, while benefiting from proximity to James A. Haley Veterans’ Hospital, surrounding retail, restaurants, and employment opportunities. IQ residents can utilize the hospital’s sky bridge to campus, which provides a mostly covered four-minute walk to campus (approximately 300 steps). USF enrolls approximately 50,000 students and has no on-campus housing requirement, supporting a substantial addressable market for professionally managed off-campus communities. The university’s growing academic reputation, record-setting incoming freshman class, and continued investment in its campus reinforce the strength of this demand base. The surrounding university environment is also undergoing a significant transformation. USF’s planned $350 million on-campus football stadium and nearly $500 million Uptown Landing mixed-use development represent major investments that will introduce new retail, dining, entertainment, hospitality, and academic facilities to the campus area. These projects are expected to elevate the university experience and further strengthen the appeal of the surrounding neighborhood. Beyond campus, Tampa’s diversified economy, expanding employment base, and 7.2% metropolitan population growth between 2020 and 2025 provide additional long-term market strength. Ultimately, IQ offers investors the opportunity to acquire a high-quality, income-producing asset in a premier university location, capture existing rental upside, and benefit from the continued evolution of both USF and the greater Tampa market. Offered free and clear of existing debt, the property also provides flexibility to structure financing around an investor’s individual strategy. Broker Of Record Darron Kattan Florida BOR License No. BK3256503 Firm License No. CQ1032352 813-839-7300 FSIVS@FranklinSt.com Franklin Street Real Estate Services LLC
Property highlights
- 9.3% Increase in Freshman & No On-Campus Housing RequirementUSF has a current total enrollment of approximately 50,000 students with no on-campus housing requirement. For AY 2026-27, freshmen enrollment increased by 9.3%.
- Modern, Institutional-Quality Product2016 construction with structured parking, private bed/bath configurations and a comprehensive amenity package.
- Rents $100-$110/Bed Below MarketIQ’s average bedroom rents are below the comparable market average rents for the similar unit types. The three- and four-bedroom floorplans make up 92% of the bedrooms at IQ, and sit approximately $100 to $110/bed below market.
- Prime Location One Block from CampusThis property is located directly across the street from USF’s campus, especially close to USF Health Hospital. IQ Apartments is also adjacent to James A. Haley Veterans’ Hospital and between two large retail areas.
- Possibly Joining Power Four ConferenceMedia analysts consistently list USF as a top contender to join the ACC or Big-12 in the future, which would make it a Power Four university. Historically, schools that move from a non-Power Four conference into the Power Four see increased applications, enrollment growth, and eventually, rent growth.
- Strong Amenity PackageIQ Apartments offers residents a strong amenity package including a resort-style pool, outdoor grilling stations, two-story fitness center, resident lounge with billiards, hammock garden, and more.
- Proximity to Thriving TampaThe property’s proximity to Tampa provides students access to a thriving economy, abundant employment opportunities, and vibrant entertainment destinations. Supported by a diversified employment base and 7.2% metropolitan population growth over the past five years, Tampa offers an attractive environment for students to live, work, and play.