Tampa Apartment Investors Flipping For Dollars

TAMPA, FL-Getting rich quick is the name of the game these days in Tampa Bay’s limited multifamily investment sales market, according to a new industry analysis by Marcus & Millichap Real Estate Investment Brokerage Co. of Encino, CA.

Despite rising vacancies and lowered rents, buyers are chasing fewer properties this year in West Central Florida, with some of the same properties being sold two and three times in a short period for a quick profit, says Steven M. Ekovich, first vice president and regional manager of M&M’s local and Orlando offices.

“While many multifamily investors acquire properties as stable, long-term investments, some are quickly flipping properties for a strong return,” Ekovich says. At least 30 properties have been sold two or more times since 1999.