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Nov, 10

Tampa Multifamily Real Estate Market Report

Florida Multifamily Commercial Real Estate Activity 2022

With more than 25,000 units delivered since 2018 and another 15,000 under construction, Tampa’s supply wave is the largest in more than 30 years. Construction starts had slightly pulled back in the quarters prior to the pandemic and have continued to do so since, though the proposed pipeline remains full, and the record low vacancies and unprecedented annual rent growth are certainly conducive to additional groundbreakings.

Downtown Tampa keeps leading the way, with the most units delivered over the past 12 months entering 2022 and the highest percentage of units under way relative to existing stock. The 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 Q3 2022 - Bounat

Tampa Multifamily Real Estate Under Construction in Q3 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. Lakewood Dr and Brandontown

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. 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

 

7. 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

8. 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

9. The Parian Luxury Apartments – 10405 Manor Cove Circle

Rating: 4*

Units: 363

Stories: 3

Start Date: May 2021

Completion Date: February 2023

Developer: –

Owner: Davis Development

 

10. Davis South Creek – 14005 US Highway 301 S

Rating: 3*

Units: 363

Stories: 2

Start Date: March 2022

Completion Date: April 2023

Developer: Davis Development

Owner: Davis Development

 

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Tampa Multifamily Real Estate Under Construction in Q2 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. Lakewood Dr and Brandontown

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. Ridley at Waterset

Rating: 4*

Units: 400

Stories: 4

Start Date: April 2021

Completion Date: November 2022

Developer: CRC Companies LLC

Owner: Pulte Group

6. 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

7. 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

8. 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

9. Modera St Petersburg – 201 17th St S

Rating: 4*

Units: 383

Stories: 21

Start Date: February 2022

Completion Date: October 2023

Developer: Mill Creek Residential Trust LLC

Owner: Mill Creek Residential Trust LLC

10. Sentosa Riverview Apartments – 10210 Falcon Gate Loop

Rating: 3*

Units: 368

Stories: 3

Start Date: January 2021

Completion Date: August 2022

Developer: Falcone Group

Owner: Encore Capital Management

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Tampa Multifamily Sales Activity in Q4 2021

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 nine deals valued at over $100 million in 2021 – more than three times the average of the previous five years.

Pricing has been increasing as well as can be seen by the Q4 sale of Channel Club Apartments for $136 million in November, the second 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.

Q4 Market Report: Multifamily Sales in Tampa

 

Significant Multifamily Sales in Tampa Q4

Arabelle Riverwalk – 202 S Parker St

Rating: 4*

Year Built: 2019

Units: 400

Vacancy: 1%

Sale Date: 12/28/2021

Price: $225,000,000

Price/Unit: $562,500

Price/SF: $421

 

Lansbrook Village – 3751 Pine Ridge Blvd

Rating: 4*

Year Built: 2004

Units: 733

Vacancy: 6.5%

Sale Date: 7/7/2021

Price: $162,259,784

Price/Unit: $221,363

Price/SF: $178

 

Anchor Riverwalk – 109 W Fortune St

Rating: 5*

Year Built: 2018

Units: 394

Vacancy: 2.8%

Sale Date: 8/13/2021

Price: $157,000,000

Price/Unit: $398,477

Price/SF: $225

 

Camden Central – 855 Central Ave

Rating: 4*

Year Built: 2019

Units: 368

Vacancy: 1.4%

Sale Date: 8/24/2021

Price: $149,653,300

Price/Unit: $406,666

Price/SF: $199

 

Bowery Bayside – 6301 S Westshore Blvd

Rating: 3*

Year Built: 1987

Units: 608

Vacancy: 5.9%

Sale Date: 11/1/2021

Price: $142.000,000

Price/Unit: $233,552

Price/SF: $228

 

Channel Club Apartments – 1115 E Twiggs St

Rating: 4*

Year Built: 2018

Units: 324

Vacancy: 2.8%

Sale Date: 11/17/2021

Price: $136,000,000

Price/Unit: $419,753

Price/SF: $405

 

Bell Channelside – 1120 E Twiggs St

Rating: 4*

Year Built: 2008

Units: 424

Vacancy: 3.3%

Sale Date: 9/21/2021

Price: $127, 934, 103

Price/Unit: $301,731

Price/SF: $249

 

Elements on Third – 3201 3rd Ave N

Rating: 4*

Year Built: 1962

Units: 425

Vacancy: 2.3%

Sale Date: 10/21/2021

Price: $125,000,000

Price/Unit: $294,117

Price/SF: $341

 

Arabelle Clearwater – 1320 Sands Terrace E

Rating: 4*

Year Built: 2021

Units: 314

Vacancy: 36%

Sale Date: 12/16/2021

Price: $116,250.000

Price/Unit: $370,222

Price/SF: $969

 

Avana Westchase – 12201 Lexington Park Dr

Rating: 4*

Year Built: 2002

Units: 400

Vacancy: 5.8%

Sale Date: 11/8/2021

Price: $108, 855,000

Price/Unit: $272,137

Price/SF: $228

 

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.