TAMPA, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for the Fremont Apartments (top left rendering) development site in Tampa, upon which a 306-unit Class A multifamily property is being developed.
The development site is located in the 10-acre West End Tampa redevelopment project, which will contain approximately 1.5 million square feet of commercial and residential space upon completion. The development site is listed at $53.5 million, which represents the all-in cost.
The Fremont Apartments site is within three miles of more than 20 million square feet of office space, two super regional malls and the Tampa International Airport. The site is also within two blocks of Tampa General Hospital’s newly announced rehabilitation hospital and medical complex, the University of Tampa and Hyde Park.
“Demonstrating further demand for this type of product, another multifamily community within the West End redevelopment project, The Vintage Lofts at West End Apartments, was pre-sold for $175,000 per unit in August 2008 and achieved 90 percent occupancy within six months of delivery,” says Babb. “The Vintage Lofts is currently 98 percent occupied and 99 percent leased. Large-cap apartment development sites within the South Tampa submarket are virtually nonexistent, which is why the existing properties are nearly full and why the existing owners rarely sell,” adds Babb.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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