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Jan, 31

Tampa Multifamily Real Estate Market Report Q4 2023

Florida Multifamily Commercial Real Estate Activity 2023 – 2024

With nearly 7,500 multifamily units delivered since over the last calendar year and nearly 17,000 units currently under construction in Q4 2023, Tampa’s supply wave for multifamily properties overall is slowing down compared to recent highs in the past couple of years. 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 with multifamily developments, with the most units delivered over the past 12 months, 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 2023

Unites Delivered Last 12 Months: 7,478
Units Currently Under Construction: 16,699 (in 62 Properties)
% of Inventory: 7.6%
Average # of Units / Property: 269

Tampa Multifamily Real Estate Construction Stats Q4 2023 - Boutique National CRE

* Data is courtesy of CoStar Group Inc.

Tampa Multifamily Real Estate Under Construction in Q4 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. New Tampa Palms – 7970 Tampa Palms Blvd
Rating: 3*
Units: 402
Stories: 3
Start Date: May 2022
Completion Date: February 2024
Developer: –
Owner: Garden Homes

6. 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

7. 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

8. 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

9. 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

10. Siena Cove – 6243 Old Pasco Rd
Rating: 3*
Units: 375
Stories: 2
Start Date: June 2022
Completion Date: December 2024
Developer: –
Owner: AMH

 

Tampa Multifamily Sales Activity in Q4 2023

According to the latest data from CoStar, Tampa’s multifamily sector continues to be enticing and promising for prospective investors.  The frequency of large deals has accelerated tremendously over the past year. In fact, 4 of the top 10 sales in the last 12 months occurred during Q4 2023. The total of all sales is nearly $400K 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 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.

Tampa Multifamily Real Estate Sales Stats Q4 2023 - Boutique National CRE

Key Tampa Multifamily Real Estate Sales Statistics Q4 2023

Sales Comparables: 107 Assets
Average Price / Unit: $215,000
Average Price / Sale: $18,900,000
Average Vacancy During Sale: 8.5%

Significant Multifamily Sales in Tampa Q4 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: 9/12/23
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) Seven Lakes at Carrollwood – 3303 – 3401 N Lakeview Dr
Rating: 3*
Year Built: 1983
Units: 640
Vacancy: 10.9%
Sale Date: 10/10/2023
Price: $94,364,000
Price/Unit: $147,443
Price/SF: $208

6) Boot Ranch Apartments – 1350 Seagate Dr
Rating: 4*
Year Built: 1996
Units: 432
Vacancy: 1.9%
Sale Date: 10/19/2023
Price: $89,619,000
Price/Unit: $207,451
Price/SF: $214

7) Adevenir at the Watson – 4502 W McCoy St
Rating: 4*
Year Built: 2022
Units: 205
Vacancy: 8.8%
Sale Date: 7/14/2023
Price: $86,254,500
Price/Unit: $420,753
Price/SF: $421

8) 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

9) 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

10) 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

 

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.