University Gardens
Closed2002 Colonial Parc Dr, Tampa, FL 33612
Property type
Multifamily
Unit / Space count
292
Price
To Be Determined By Market
Building size
223,398 sf
Rentable area
223,398 SF
Year built
1973
Year renovated
Occupancy
96.23%
Stories
2
APN
U-07-28-19-ZZZ-000001-27950.0, U-07-28-19-ZZZ-000001-28240.0, U-07-28-19-ZZZ-000001-28270.0
Zoning code
Lot size
2.69 Acres
Bedroom count
Property description
University Gardens is a multifamily value-add investment opportunity located in Tampa, FL. The fourteen buildings are constructed with concrete block framing and flat roofs. The unit mix is split between one (46%), two (53%), and three-bedroom (1%) units featuring three levels of renovations. Renovated units with updated kitchens and bathrooms receive on average $100 in rent premiums with the opportunity to update hardware and fixtures in the proposed interior renovation scope. Excellent amenities serve the residents of the community and include an Amazon package locker system, three pools, a playground, a fenced dog park, and multiple fully equipped laundry facilities. The property is conveniently located within minutes of major economic drivers in the area. These include the University of South Florida, The Florida Hospital, James A Haley VA Hospital, and Busch Gardens amusement park; all of which are within 6 miles of the subject. The submarket is easily accessible via major roadways including I-275 serving Downtown Tampa and Westshore CBD, I-75, and I-4. The property sits in between Fletcher and Fowler Ave which run parallel to one another and give residents easy access to retail and public transportation. Investors have the opportunity to acquire a well-maintained property with proven value-add. Buyer will have the ability to extract rent premiums of $100+ through the continuation of a light interior and exterior renovation program to include granite countertops, black or stainless appliance packages, faux-wood flooring.
Property highlights
- Buyer Plans to Implement Rebranding Strategy to Continue to Elevate the Property’s Performance in Emerging Innovation Alliance District
- Excellent Unit Mix Featuring 1% Studios, 45% One-Bedrooms, 53% Two-Bedrooms and 1% Three-Bedrooms
- Within Minutes of Major Employment, Education, Retail and Entertainment Hubs. 1 Mile to I-275; 5 Miles to I-75
- Close Proximity to the University of South Florida; a Flagship University with an Enrollment over 50,000
- 1.2 Miles from the University Mall Which Has Plans for $1B In Renovations