Tampa island apartments go for $125,000 per unit

The 40-unit rental complex in the Davis Islands area changed hands for $4 million

Sep.September 24, 2016 03:00 PM

Marcus & Millichap reported the sale of the leasehold interest in a 40-unit apartment property in Tampa for $125,000 per unit in an off-market deal.

The buyer, a private investor based in California, paid $4 million for The Place at Davis Island, which consists of 40 one-bedroom apartments with 700 square feet of rentable space. The seller was a Tampa-based partnership.

The apartment property is located at 401 Danube Avenue in the popular Davis Islands area of Tampa, a two-island neighborhood just south of the downtown district, overlooking the Port of Tampa.

Ten of the 40 units are renovated apartments with updated kitchens, new flooring and fixtures, and stacked washer-dyers. The buyer plans to renovate the other 30 units and increase the below-market rents.

Casey Babb, vice president investments in Marcus & Millichap’s Tampa office, and Tyler Leeson, first vice president investments in the firm’s Newport Beach office, put the off-market deal together.

“The Place at Davis Island was a unique transaction for Tampa in that it was subject to a 99-year ground lease which was put in place in the 1970s,” Babb said in a written statement. He also stated that the seller had owned the leasehold interest for nearly 20 years and plans to trade into a larger asset.

Related Articles


South Florida firm buys Sunrise apartment complex for $20.2M

South Florida firm, partner acquire Tampa office building for $29.4M

Motivated buyer: Grant Cardone borrows $93.5M for 501-unit Sunrise rental complex

Opportunity Zone in Jacksonville is site of bank-financed apartment development

Related Group pays $26M for rental complex in Tampa’s Bayshore area

New apartment complex in downtown Sarasota sells for $444,444 per unit

The late George Steinbrenner’s mansion in South Tampa hits the market

Joint venture in South Florida set to build 288-unit apartment complex near Daytona