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| The Park at Avilla Apartments, Brandon, FL |
Brandon, FL – 29th Street Capital (29SC), a privately-held real
estate investment and advisory firm, has acquired The Park at Avilla and
The Park at Pienza Apartments, a two property, 200-unit multifamily
portfolio in Brandon, Florida.
29SC plans to make cosmetic improvements to unit interiors, including
adding high-quality laminate countertops, vinyl plank flooring, modern paint
schemes and stainless steel appliances.
The firm also plans
value-creating improvements to the clubhouse, fitness center, grilling area,
roofing, exterior staircases, landscaping and more. It will also implement
plans to catch up on overdue maintenance issues.
The Tampa Bay area is
experiencing strong population and employment growth. The average working age
population growth in Tampa over the last two years is almost twice the national
average.
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| The Park at Pienza Apartments, Brandon, FL |
“29SC feels that the strong market fundamentals in the Tampa Bay area
will continue for the foreseeable future and help drive renter demand,” said Ryan
Smyth, Vice President of Acquisitions for Florida.
“The properties have
easy access to several employment hubs in the Tampa Bay area as well as retail
centers,” Smyth added. “Plus, more than 50 million square feet of office space,
which is continuously growing, is within a 30 minute drive.”
The communities, which are two miles apart, are within 20 miles of
downtown Tampa. Each has several restaurants and shopping centers nearby.
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| Ryan Smyth |
The Park at Pienza
is close to daily conveniences such as a Publix Super Market, Office Depot,
PetSmart and several banks. The Park at Avilla is close to the J.C. Handly
Sports Complex, Paul Sanders Park and Kings Row Shopping Center, which features
an Xtreme Fit, post office and salon.
29th Street Capital closed on the purchase of the portfolio
February 28. The sale price was not disclosed.
CONTACT:
Terri Thornton
Partner, Thornton Communications
Partner, Thornton Communications
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