Tampa Apartments Sell in 38 Days for $2.15M

TAMPA, FL-Well-kept, fully-occupied multifamily rental assets are selling quickly in the Tampa Bay market, 80 miles west of Downtown Orlando, brokers tell GlobeSt.com.

The latest deal is the $2.15 million sale of the 19-year-old, 95%-leased, 49-unit Hampton Place, on the market only 38 days before a contract was signed for the property at 1915 W. Waters Ave. PPC Enterprises Inc. of Pinellas County paid locally based Rim Rock about $43,878 per unit for 48 one-bedroom apartments and one efficiency.

“This property was on the market for 38 days; received multiple offers before it was put under contract for 96% of the asking price; and closed within 79 days” after the contract was signed, John W. Stone, a senior investment associate at Clearwater -based Colliers Arnold, tells GlobeSt.com.

“This is by far the strongest seller’s market we have seen in years,” he adds. “With a careful approach to marketing, we can generate a waiting list of buyers for available debt-worthy properties.”

The broker says Hampton Place “was delivered without debt, allowing the buyer to put a new mortgage on the property and take advantage of historically low interest rates.” Asking average base rents at the complex are $500 to $635 per month.

Jason T. Stanton, a Colliers Arnold sales associate, worked with Stone in representing the seller.