TAMPA, FL—Tara Gardens, a 22-unit multifamily complex in Largo, FL, has traded hands. The deal illustrates an ongoing trend of out-of-state investors targeting smaller Tampa-area properties.

Built in 1972, Tara Gardens is located at 1630 Jefferson Avenue in Largo. The property includes a two-story building on about 0.51 acres of land. Tara Gardens offers one and two-bedroom units renovated within the last year. The apartment community traded for $8.25 million.

Michael P. Regan and Francesco P. Carriera, both vice president investments at Marcus & Millichap, along with senior investment specialist Nicholas Meoli, had the exclusive listing to market the property on behalf of the local seller, a private investor. The listing agents also procured the buyer, a private investor based in California.

“This buyer is from California and this is his second acquisition in Pinellas County within the past 12 months,” says Meoli. “There is an ongoing trend with out-of-state investors targeting multifamily properties in the Tampa Bay area.”

Recently, Landmark at Largo Crossing, a 304-unit multifamily complex in the central Pinellas County city of Largo, traded to Redwood Capital Group in Los Angeles, for $16.75 million. Canadian multifamily investors are also targeting various regions in Florida.