TAMPA, FL—Bristol Place Apartments of Tampa Palms, a 340-unit multifamily complex, has a new owner. The apartment community sold for $32 million, which equals more than $94,000 a unit.

Institutional Property Advisors, a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, inked the deal. IPA Florida executive director Jamie B. May represented the seller, AVR Realty Co. The buyer is Preston Giuliano Capital Partners.

“Bristol Place Apartments of Tampa Palms has tremendous value-add potential through strategic capital investments in interior unit renovations,” says May. “The asset also provides new ownership with an opportunity to capitalize on rental rate increases as the apartment market is expected to enter a prolonged recovery period.”

Built in 1992, the multifamily property sits on 22 acres at 15210 Amberly Drive off Bruce B. Downs Boulevard in Tampa Palms, a 5,400-acre master-planned community with apartment homes, churches, dining facilities, homes, offices, recreational facilities, schools and shops. Interstates 75 and 275 are both within two miles of the property.

Bristol Place Apartments of Tampa Palms is a gated community that features Mediterranean-style architecture, barrel tile roofs and 167 detached garages. The multifamily complex offers 20 two- and three-story residential buildings with one-, two- and three-bedroom floor plans averaging 1,040 square feet. All residences have balconies or patios with multiple French doors to an amply screened-in area with ceiling fans.