Excerpted from CoStar story.
Local investment firm Bayside Ventures V LLC sold The Avenue, a 216-unit apartment complex in Tampa, Florida, for $23.3 million, or about $108,000 per unit.
Bayside Ventures, which originally acquired the complex in 2011, sold the property to an entity called The Avenue Apartments LLC, a partnership led by a private local investor with Canadian equity partners, whose names were not disclosed.
Located at 9101 Avenue Club Drive, The Avenue is about three miles from the University of South Florida and was built in 1984. The garden-style community offers a mix of one- and two bedroom floorplans, ranging in size from 555 to 1,110 square feet, according to CoStar data.
The Central Florida multifamily market remains strong as low entry-level housing construction levels continue to push occupancies, noted Darron Kattan of Franklin Street in a statement.
“We see this trend continuing for the long term, as construction costs appear to be fundamentally shifted away from making entry-level housing a profitable construction business, ” said Kattan in a statement. “Assuming that is the case, landlords will have leverage to keep rents moving up and occupancies high while residents will have to absorb the higher costs of living due to lack of alternative choices.”
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 #4613045 for more information on this transaction.
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