PRESS RELEASE: $31 Million Multifamily Sale Arranged by IPA

TAMPA, FL – Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of  Bridgeview Apartments, a 348-unit multifamily community in Tampa. The $31 million sales price equates to $89,000 per unit.

IPA Florida executive director Jamie B. May advised the seller, Bridgeview Apartments LLC. The buyer is Capital Square Management.

“Bridgeview Apartments is a well-maintained, stable asset in a central location,” says May.  “The property is producing strong cash flow and there is great potential to add value through strategic capital investments such as interior unit renovations that will allow the new ownership to capitalize on revenue increases.”

The 297,928-square-foot property was constructed on almost 30 acres in 1986 at 5307 Reflections Club Drive in Tampa. The location is within close proximity of Tampa International Airport and Veterans Expressway, one of the region’s primary transportation arteries. The Westshore business district, home to 12.4 million square feet of office space and 4,000 businesses, is also nearby.

Completed in 1986, Bridgeview Apartments consists of 17 wood-framed, two and three-story residential buildings with stucco exteriors and new roofs. Apartment interiors feature fully equipped kitchens with new raised-panel cabinet door fronts, full-size washer/dryer units, large walk-in closets and a patio or balcony.  Community amenities include a clubhouse with a leasing and manager’s office, a fitness center, two indoor air-conditioned racquetball courts, two lighted tennis courts, a business center and a covered outdoor patio that provides direct access to a resort-style swimming pool. 

TAGS: Investment