Florida Multifamily Commercial Real Estate Activity 2022
With well over 25,000 multifamily units delivered since 2018 and another 16,256 under construction, Tampa’s supply wave for multifamily properties overall is the largest in more than 30 years. 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 12 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 Q4 2022
Unites Delivered Since 2018: 25,000+
Units Currently Under Construction: 16,000+
% of Inventory: 7.7%
Average # of Units / Property: 271
Tampa Multifamily Real Estate Under Construction in Q4 2022
1. Rithm At Uptown – 2200 E Fowler Ave
Rating: 5*
Units: 1,627
Stories: 3
Start Date: May 2021
Completion Date: December 2023
Developer: –
Owner: RD Management LLC
2. Brandon Town Center – 507 S Lakewood Dr
Rating: 4*
Units: 600
Stories: 3
Start Date: March 2022
Completion Date: March 2023
Developer: Brandon Town Center Development
Owner: Brandon Town Center Development
3. Altis Grand at Suncoast – 16841 FL 54
Rating: 3*
Units: 449
Stories: 2
Start Date: January 2022
Completion Date: January 2023
Developer: Altman Management Company
Owner: Altman Management Company
4. Arya – 5475 3rd Ln N
Rating: 3*
Units: 415
Stories: 5
Start Date: April 2021
Completion Date: November 2022
Developer: Stock Development
Owner: Stock Development
5. 1200 N Gandy Blvd
Rating: 4*
Units: 396
Stories: 3
Start Date: July 2022
Completion Date: December 2022
Developer: Aventon Companies
Owner: Aventon Companies
6. Cobalt Apartments – 4338 Cobalt Brook Blvd
Rating: 3*
Units: 401
Stories: 4
Start Date: July 2022
Completion Date: November 2023
Developer: Flournoy Companies
Owner: Flournoy Companies
7. Marina Club – 4311 34th St S
Rating: 3*
Units: 400
Stories: 8
Start Date: October 2022
Completion Date: Aug 2024
Developer: –
Owner: Marina Walk, LLC
8. Linz Bayview – 2975 Gulf To Bay Blvd
Rating: 4*
Units: 398
Stories: 5
Start Date: April 2022
Completion Date: April 2023
Developer: Davis Development
Owner: Davis Development
9. Aventon Lana – 24479 US Highway 19 North
Rating: 4*
Units: 396
Stories: 3
Start Date: October 2021
Completion Date: December 2022
Developer: Aventon Companies
Owner: Aventon Companies
10. Modera St Petersburg – 201 17th St S
Rating: 3*
Units: 383
Stories: 20
Start Date: February 2022
Completion Date: May 2023
Developer: CrossHarbor Capital Partners LLC
Owner: Mill Creek Residential Trust LLC
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Tampa Multifamily Sales Activity in Q4 2022
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 over the past year, with over 10 deals valued at over $100 million in 2022 – beating the average price / sale of the previous six years.
Pricing has been increasing as well as can be seen by the Q2 2022 sale of the Novel Tampa Midtown property for nearly $237 million in May, the highest sale price of the year overall in the region.
While private buyers continue to represent the largest share, we can see a shift toward institutional capital and private equity in the buying sector as well. Throughout 2021 these two components accounted for more than 40% of buyers, while on the opposing seller’s side, private entities continued to dominate the landscape, accounting for nearly three-fourths of all sellers.
You can view our commercial properties 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 Q4 2022
Sales Comparables: 207 Assets
Average Price / Unit: $253,000
Average Price / Sale: $22,300,000
Average Vacancy During Sale: 5.3%
Significant Multifamily Sales in Tampa Q4 2022
1) Novel Midtown Tampa – 3730 Midtown Dr
Rating: 4*
Year Built: 2021
Units: 390
Vacancy: 10.5%
Sale Date: 5/19/22
Price: $236,467,700
Price/Unit: $606,327
Price/SF: $493
2) Skye Reserve – 1918 Plantation Cir
Rating: 3*
Year Built: 1991
Units: 982
Vacancy: 9.8%
Sale Date: 3/31/2022
Price: $225,000,000
Price/Unit: $229,124
Price/SF: $255
3) Nine15 – 915 N Franklin St
Rating: 4*
Year Built: 2017
Units: 362
Vacancy: 4.1%
Sale Date: 5/6/22
Price: $184,000,000
Price/Unit: $508,287
Price/SF: $473
4) Horizon Wiregrass Rance – 28878 Golden Vista Blvd
Rating: 4*
Year Built: 2018
Units: 392
Vacancy: 2.3%
Sale Date: 6/23/22
Price: $139,241,266
Price/Unit: $355,207
Price/SF: $329
5) The Delmar Apartments – 4003 S West Shore Blvd
Rating: 3*
Year Built: 1979
Units: 689
Vacancy: 8.4%
Sale Date: 6/16/22
Price: $132,842,800
Price/Unit: $192,805
Price/SF: $299
6) AVE Tampa Riverwalk – 160 W Tyler St
Rating: 5*
Year Built: 2022
Units: 353
Vacancy: 1.4%
Sale Date: 4/8/22
Price: $124,670,300
Price/Unit: $353,173
Price/SF: $337
7) Addison at Skyway Marina – 160 W Tyler St
Rating: 4*
Year Built: 2021
Units: 308
Vacancy: 8.4%
Sale Date: 5/18/2022
Price: $123,200,000
Price/Unit: $400,000
Price/SF: $471
8) Santos Flats – 8733 Rooks Park Cir
Rating: 4*
Year Built: 2021
Units: 296
Vacancy: 16.2%
Sale Date: 3/28/2022
Price: $119,800,000
Price/Unit: $404,729
Price/SF: $405
9) Crosstown Walk Apartments – 10151 Iris Crosstown Dr
Rating: 4*
Year Built: 2014
Units: 342
Vacancy: 4.7%
Sale Date: 6/23/22
Price: $117,848,781
Price/Unit: $344,587
Price/SF: $276
10) Bleecker Hyde Park – 1702 W Cleveland St
Rating: 4*
Year Built: 2015
Units: 259
Vacancy: 2.7%
Sale Date: 3/9/22
Price: $115,000,000
Price/Unit: $444,015
Price/SF: $510
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.