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| Bridgeview Apartments, Tampa, FL |
TAMPA, Oct. 24, 2013 – Institutional Property Advisors
(IPA), a multifamily brokerage division of Marcus & Millichap serving the
needs of institutional and major private investors, has arranged the sale
of Bridgeview Apartments, a
348-unit multifamily community in Tampa. The $31 million sales price equates to
$89,000 per unit.
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| Jamie B. May |
IPA Florida executive director Jamie B. May advised
the seller, Bridgeview Apartments LLC. The buyer is Capital Square Management.
“Bridgeview Apartments is a well-maintained, stable asset in
a central location,” says May. “The
property is producing strong cash flow and there is great potential to add
value through strategic capital investments such as interior unit renovations
that will allow the new ownership to capitalize on revenue increases.”
The 297,928-square-foot property was constructed on almost
30 acres in 1986 at 5307 Reflections Club Drive in Tampa.
The location is within close proximity of Tampa
International Airport and Veterans Expressway, one of the region’s primary
transportation arteries. The Westshore business district, home to 12.4 million
square feet of office space and 4,000 businesses, is also nearby.
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| Tampa International Airport |
Completed in 1986, Bridgeview Apartments consists of 17 wood-framed,
two and three-story residential buildings with stucco exteriors and new roofs.
Apartment interiors feature fully equipped kitchens with new raised-panel
cabinet door fronts, full-size washer/dryer units, large walk-in closets and a
patio or balcony.
Community amenities include a clubhouse with a leasing and
manager’s office, a fitness center, two indoor air-conditioned racquetball
courts, two lighted tennis courts, a business center and a covered outdoor
patio that provides direct access to a resort-style swimming pool.
For a complete copy of the company’s news release, please
contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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