Florida Multifamily Commercial Real Estate Activity 2023
With well over 25,000 multifamily units delivered since 2018 and another 16,340 currently under construction in Q3 2023, Tampa’s supply wave for multifamily properties overall is starting to slow down from recent highs. Overall construction starts hit the breaks slightly during the quarters prior to the pandemic, and they have somewhat continued to do so since, although the proposed pipeline remains full. Despite these slight setbacks with the development of multifamily assets in the area, record low vacancies overall and unprecedented annual rent growth are certainly conducive to additional groundbreakings and investment dollars coming into the sector.
It’s primarily downtown Tampa that leads the way here, with the most units delivered over the past 16 months in 2022 into 2023, and the area has the highest percentage of units under way relative to existing stock. The city’s urban core trails only the Southeast Tampa and North Tampa submarkets in terms of nominal units in process. Downtown St Petersburg, Pasco County, and Southeast Tampa are the only areas with construction levels exceeding 5% of existing inventory, though all three are used to heightened pipelines over the past five years. Other than Downtown Tampa, the entire region is adding new inventory at manageable levels based on recent demand trends.
You can view our commercial properties in Tampa and elsewhere in the Florida market to see what’s available for lease and for sale at the moment.
Tampa Multifamily Real Estate Construction Highlights Q3 2023
Unites Delivered Last 12 Months: 7,033
Units Currently Under Construction: 16,340 (in 59 Properties)
% of Inventory: 7.5%
Average # of Units / Property: 277
* Data is courtesy of CoStar Group Inc.
Tampa Multifamily Real Estate Under Construction in Q3 2023
1. Brandon Town Center – 507 S Lakewood Dr
Rating: 4*
Units: 660
Stories: 3
Start Date: March 2022
Completion Date: Jan 2024
Developer: Rotunda Land & Development LLC
Owner: Brandon Town Center Development
2. MAA Breakwater – 5440 W Tyson Ave
Rating: 4*
Units: 495
Stories: 5
Start Date: May 2023
Completion Date: Jan 2025
Developer: CGB Building Company
Owner: Mid-American Apartment Communities
3. Marlowe Gateway – 1200 N Gandy Blvd
Rating: 4*
Units: 425
Stories: 5
Start Date: September 2023
Completion Date: September 2025
Developer: Greystar Real Estate Partners
Owner: Greystar Real Estate Partners
4. Arya – 5475 3rd Ln N
Rating: 4*
Units: 415
Stories: 5
Start Date: April 2022
Completion Date: October 2024
Developer: Stock Development
Owner: Stock Development
5. Cobalt Apartments – 4338 Cobalt Brook Blvd
Rating: 3*
Units: 401
Stories: 4
Start Date: August 2022
Completion Date: August 2024
Developer: Flournoy Companies
Owner: Flournoy Companies
6. Marina Club – 4311 34th St S
Rating: 3*
Units: 400
Stories: 8
Start Date: October 2022
Completion Date: December 2024
Developer: Skanska USA Building, Inc
Owner: Marina Walk, LLC
7. Linz Bayview – 2975 Gulf To Bay Blvd
Rating: 4*
Units: 398
Stories: 5
Start Date: April 2022
Completion Date: April 2024
Developer: Davis Development
Owner: Davis Development
8. Modera St Petersburg – 201 17th St S
Rating: 4*
Units: 383
Stories: 20
Start Date: February 2022
Completion Date: November 2023
Developer: Mill Creek Residential Trust LLC
Owner: Mill Creek Residential Trust LLC
9. Siena Cove – 6243 Old Pasco Rd
Rating: 3*
Units: 375
Stories: 2
Start Date: June 2022
Completion Date: December 2024
Developer: –
Owner: AMH
10. Gateway at Gandy – 1200 N Gandy Blvd
Rating: 4*
Units: 360
Stories: 8
Start Date: December 2022
Completion Date: June 2024
Developer: –
Owner: Greystar Real Estate Partners
Tampa Multifamily Sales Activity in Q3 2023
According to the latest data from CoStar, Tampa’s multifamily sector has never been more appealing to prospective investors. The frequency of large deals has accelerated tremendously over the past year. In fact, 7 of the top 10 sales in the last 12 months occurred during Q3 2023. The total of all sales is over $700M in the last quarter alone.
Pricing of these latest sales are comparable with previous sales in other quarters and years, as well as can be seen by the Q3 2023 sale of the Bell Lansbrook Village property for over $200 million in July; it’s the second highest sale price over the past 12 months in the region.
You can view our commercial properties, including multifamily assets in Tampa and elsewhere in Central Florida to see what’s available for lease and for sale at the moment.
Key Tampa Multifamily Real Estate Sales Statistics Q3 2023
Sales Comparables: 123 Assets
Average Price / Unit: $218,000
Average Price / Sale: $14,500,000
Average Vacancy During Sale: 8.6%
Significant Multifamily Sales in Tampa Q3 2023
1) Bell Lansbrook Village – 3751 Pine Ridge Blvd
Rating: 4*
Year Built: 2004
Units: 774
Vacancy: 10.0%
Sale Date: 7/10/23
Price: $201,000,000
Price/Unit: $259,689
Price/SF: $259
2) Rowan Pointe – 7950 Park Blvd
Rating: 4*
Year Built: 2022
Units: 349
Vacancy: 14.0%
Sale Date: 9/12/22
Price: $108,600,000
Price/Unit: $311,174
Price/SF: $350
3) Azora at Cypress Ranch – 17583 Bellavista Loop
Rating: 4*
Year Built: 2022
Units: 331
Vacancy: 7.9%
Sale Date: 8/30/23
Price: $96,000,000
Price/Unit: $290,030
Price/SF: $154
4) Avasa Grove West Apartments – 27791 Dream Falls Dr
Rating: 4*
Year Built: 2022
Units: 330
Vacancy: 14.9%
Sale Date: 9/22/23
Price: $95,000,000
Price/Unit: $287,878
Price/SF: $272
5) Azalea Apartments – 2633 Azalea Garden Pl
Rating: 4*
Year Built: 2022
Units: 292
Vacancy: 10.6%
Sale Date: 8/14/2023
Price: $85,750,000
Price/Unit: $295,000
Price/SF: $260
6) Tessa Springs – 11810 Uptown Walker Pl
Rating: 4*
Year Built: 2022
Units: 292
Vacancy: 10.6%
Sale Date: 8/14/2023
Price: $83,750,000
Price/Unit: $286,815
Price/SF: $217
7) The Boulevard – 2098 Seminole Blvd
Rating: 4*
Year Built: 2015
Units: 260
Vacancy: 3.9%
Sale Date: 1/18/2023
Price: $76,700,000
Price/Unit: $295,000
Price/SF: $260
8) Solano Belleair – 1632 Clearwater Largo Rd N
Rating: 4*
Year Built: 2022
Units: 256
Vacancy: 12.9%
Sale Date: 10/25/2022
Price: $63,992,900
Price/Unit: $249,972
Price/SF: $330
9) Waterchase – 401 Rosery Rd NE
Rating: 4*
Year Built: 1969
Units: 278
Vacancy: 6.8%
Sale Date: 11/2/22
Price: $58,550,000
Price/Unit: $210,611
Price/SF: $226
10) Mode at Ballast Point – 6306 S Macdill Ave
Rating: 3*
Year Built: 1988
Units: 276
Vacancy: 4.4%
Sale Date: 7/6/23
Price: $57,500,000
Price/Unit: $208,333
Price/SF: $263
Take a look at our featured Tampa multifamily properties for sale, as well as a variety of other Tampa commercial real estate properties that are currently available. You can also contact the Bounat team to start your own Central Florida property search.
* Data is courtesy of CoStar Group Inc.