TAMPA, FL—Attracted by an in-fill location in South Tampa, investors have acquired a 71-unit multifamily community. Courtyards of South Tampa sold for $57,042 per unit, which equates to $90 per square foot.

Kevin Kelleher, Darron Kattan, Robert Goldfinger, and Zach Ames, all of Franklin Street, represented the seller, a local investor. The buyer was a local hands on real estate group that understood the value of the in-fill South Tampa location, according to Kelleher.

“They plan to continue upgrading the units and will raise rents as the market continues to strengthen,” says Kelleher. He notes that the demand for A and B class real estate continues to strengthen as demand outweighs supply for well-located multifamily in Florida.

Built in 1969, Courtyards of South Tampa is located at 3814 W. Euclid Ave, three miles from the Westshore Business District and four miles from Downtown Tampa. The multifamily complex was over 94% occupied during the time of sale and consists of over 79% one-bedroom apartments with pool views from most units.

“This property was well-located and received great interest,” says Kelleher. “We continue to see an increase in demand for stabilized in-fill properties, contrary to what we saw a few months ago.”