The Avenue
Closed9101 Avenue Club Dr, Temple Terrace, FL 33637
Property type
Multifamily
Unit / Space count
216
Price
$23,300,000
Building size
189,959 sf
Rentable area
189,959 SF
Year built
1984
Year renovated
Occupancy
Zoning code
Lot size
10.33 Acres
Sold/status
Sold · Date unknown
Sale price
$23300000
Unit mix
84x
1br
88x
2br
Bedroom count
Property description
The Avenue Apartments is located in Tampa, Florida spread across 10.33 acres. The property was built in 1984 with all buildings consisting of concrete block construction with stucco exterior walls. The unit mix consists of 32- 1 Bedroom 1 Bathroom units of 555 square feet, 48-1 Bedroom 1 Bathroom units of 700 square feet, 48 - 1 Bedroom 1 Bathroom units of 800 square feet and 88- 2 Bedroom 2 Bathroom units of 1100 square feet. Amenities on-site include a swimming pool, fitness center, laundry facility and resident clubhouse. There is a separate parcel which includes a volleyball and tennis court that is not included in this sale, please refer to page 19 in this package for more information. The Avenue is conveniently located close to the University of South Florida, one of the largest schools in the nation, and one of the area’s largest employers. Other large employers in the area include Busch Garden, and the Florida Hospital. The Avenue presents an outstanding opportunity to own in the growing Tampa market with immediate rent upside and promising growth in the surrounding area for the foreseeable future. With such strong occupancy coupled with the prime location in the Temple Terrace sub-market, there is room for immediate and continued growth for years to come. In the Temple Terrace sub-market, effective rent has increased 1.6% in the last four months, while vacancy rates are at an impressive 1.7% throughout the sub-market. With 17,081 units, amounting to 10.3% of the total metro inventory, the Temple Terrace sub-market is the second largest of the seventeen distinct geographic concentrations that form the Tampa-St. Petersburg apartment market.
Property highlights
- Property is Renting Near the Bottom of the Immediate Sub-Market, Leaving Significant Upside Potential Through the Completion of the Renovation Projects
- 72 of the 216 Units Have Been Fully or Partially Renovated and are Achieving a 13% and 16% Premium for the One and Two Bedroom Apartments
- Historically Strong Occupancy throughout the Temple Terrace Sub-Market
- Within three miles of The University of South Florida, one of the largest schools in the county with an annual enrollment of over 50,000 students
- Constructed of Highly Desirable Concrete Block
- Over 10 acres of land with manicured landscaping spanning the entire property
- Washer & Dryer Connections Inside Every Unit