TAMPA, FL-Swan Lake Apartments, a 244-unit rental community in Tampa’s Carrollwood submarket, has traded for more than $12 million. The deal marks one in a string of recent multifamily sales in this hot rental market.
CB Richard Ellis brokers John Selby and Jim Bobbitt represented the seller, JER, a special servicer to bond holders. The buyer, Canadian-based private investment firm Toulon Capital Partners, did not have broker representation.
Selby tells GlobeSt.com that Swan Lake Apartments saw strong investor interest and sold above the $12 million asking price, demonstrating a highly competitive market for quality, stabilized multifamily assets. The multifamily asset is 94% occupied.
“Historically, a majority of assets have been marketed without an asking price,” Selby says. “We are seeing a trend back to offering properties with a list price so that investors have a benchmark when underwriting the asset and in determining possible debt options.”
Located in the Carrollwood submarket at 3401 Lakeview Drive North, the property was originally developed in 1982 with a mix of studio, one and two bedroom units. The apartments are less than two miles south of the Veterans Expressway along Dale Mabry Highway
“Stabilized, quality properties in good submarkets are receiving a significant amount of interest and investors are having to compete in price and terms with multiple bidders,” Selby says. “In addition to price, investors are offering abbreviated inspection periods, money at risk at contract signing and paying all or a portion of the Seller’s closing costs in order to differentiate themselves between other bidders.”
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