Southern Cove
TAMPA, FL—Miami-based Styles Holdings has sold Southern Cove Apartments, a 180-unit, garden-style rental community in the Temple Terrace submarket, to 29th Street Capital, a privately-held real estate investment firm with offices in San Francisco and Chicago.
The property sold for $20.59 million, or $114,389 per unit. Cushman & Wakefield arranged the sale. Styles Holdings owns and operates multifamily real estate in major markets throughout the country.
The property was on the market for 30 days, C&W Executive Managing Director Nichola Meoli tells GlobeSt.com.
Southern Cove Apartments sits on nine acres in a low-density setting of 19.67 units per acre. All units have two bedrooms and average 1,104 square feet. The property was 96% occupied at the time of sale with an average market rent of $988. The property was built in 1974 and has been recently updated. Approximately 75% of units were upgraded with black appliances and new countertops in the kitchen and bathroom, and approximately 50% of units also received new vinyl plank flooring.
Southern Cove is at the center of a $1.5 billion redevelopment project created by the Tampa Innovation Alliance. The property is approximately three miles from both the University of South Florida campus and is convenient to the major thoroughfares of Interstate 75 and Interstate 275, which provide connectivity throughout the Tampa Bay area.
"Southern Cove represented a strong value-add opportunity to acquire a 180-unit multifamily community consisting of all two-bedroom floor plans," said Meoli. "Given the property's central location within the Tampa Innovation Alliance district, desirable unit make-up and strong upside potential, we generated significant interest from the investment community resulting in a competitive bidding atmosphere."
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