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Jan, 22

Tampa Multifamily Real Estate Market Report Q3 2024

Florida Multifamily Commercial Real Estate Activity 2024

The Tampa multifamily market enters the final months of 2024 on the cusp of a historic number of construction completions. Roughly 10,500 units were completed over the first nine months of the year, shattering the annual record of 8,200 units set in 2022. A further 2,000 units are expected to be completed by the end of the year. Supply-side pressure over the past 18 to 24 months has had a cascading impact on market fundamentals. The vacancy rate has hovered around 10% for much of this year, and asking rents have decreased by 0.5% year over year.

Areas that have a significant amount of new construction, such as Pasco County and Southeast Tampa, have some of the highest vacancy rates in the region, at 18% and 11%, respectively. Renter demand has rebounded in the Tampa market in 2024 but has been unable to keep up with the pace of construction completions. Roughly 6,600 units were absorbed through the end of the third quarter, about 4,000 units less than what was completed over the same period.

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 2024

Units Delivered Last 12 Months:12,900
Units Currently Under Construction:10,846
% of Inventory: 4.6%
Average # of Units / Property: 271

 

* Data is courtesy of CoStar Group Inc.

Tampa Multifamily Real Estate Under Construction in Q3 2024

1. Vista Walk / St. Joe II – Ramsey Rd
Rating: 3*
Units: 500
Stories: 1
Start Date: January 2024
Completion Date: December 2027
Developer: New Strategy Holdings, LLC
Owner: Not Listed

2.MAA Breakwater – 5440 W Tyson Ave
Rating: 4*
Units: 495
Stories: 5
Start Date: May 2023
Completion Date: Jan 2025
Developer: Mid-American Apartment Communities
Owner: Mid-American Apartment Communities

3.Arya – 375 St
Rating: 4*
Units: 415
Stories: 5
Start Date: April 2022
Completion Date: December 2025
Developer: Stock Development
Owner: Stock Development

4. Bainbridge Wesley Chapel – 32511 Sugarplum Loop
Rating: 5*
Units: 411
Stories: 4
Start Date: August 2024
Completion Date: August 2026
Developer: The Bainbridge Companies
Owner: PCCP

5. Cobalt Apartments –  4434 Cobalt Brook Blvd
Rating: 5*
Units: 401
Stories: 4
Start Date: August 2022
Completion Date: September 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. Ascend Mirada – 11608 Ascend Mirada Blvd
Rating: 4*
Units: 390
Stories: 4
Start Date: November 2023
Completion Date: January 2025
Developer: D.R. Horton
Owner: D.R. Horton

9.MetWest Apartments – 4050 W Boy Scout Blvd
Rating: 4*
Units: 375
Stories: 8
Start Date: September 2024
Completion Date: June 2026
Developer: Zom, Inc.
Owner: MetLife, Inc

10. Cottages at Brandon – 507 S Lakewood Dr
Rating: 4*
Units: 360
Stories: 3
Start Date: January 2024
Completion Date: March 2025
Developer: Rotunda Land & Development LLC
Owner: American Landmark

 

Tampa Multifamily Sales Activity in Q3 2024

Tampa’s multifamily market is the most transacted in Florida, with a total sales volume of $2.1 billion over the past year. After a slow start to the year, investment sales activity picked up in the second quarter, with over $720 million in total sales volume. Much of that momentum carried over into the third quarter, with $490 million in multifamily transactions. There were over a dozen transactions for over $50 million through the end of the third quarter, up from eight over the same period in 2023.
In addition, 2024 was seen two $100 million-plus trades.

The largest was the $144.5 million acquisition of two properties, Lantana and Sage, at Cypress Cay. The 4-Star properties were purchased by a partnership of two local investment firms, Argyle Real Estate Partners and Sembler Investments from RangeWater Real Estate. Both properties are less than two years old and are located near the University of South Florida. At roughly $250,000 per unit, the assets traded well above the market average of $210,000 per unit at the time of sale.

Communities in more centrally located areas like South Tampa and Hyde Park have traded at a more significant premium over the past year.

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 2024

Sales Comparables: 100 Assets
Average Price / Unit: $212,000
Average Price / Sale: $22,400,000
Average Vacancy During Sale: 8.8%

Significant Multifamily Sales in Tampa Q3 2024

1) The Pointe on Westshore – 4950 W Prescott St
Rating: 4*
Year Built: 2021
Units: 774
Vacancy: 10.0%
Sale Date: 7/10/23
Price: $201,000,000
Price/Unit: $259,689
Price/SF: $259

2) Amira at Westly – 6105 Paddock Glen Dr
Rating: 3*
Year Built: 1999
Units: 408
Vacancy: 7.1%
Sale Date: 10/31/2024
Price: $103,000,000
Price/Unit: $252,450
Price/SF: $276

3) Windsor Clearwater – 2031 Glass Loop
Rating: 4*
Year Built: 2023
Units: 396
Vacancy: 16.9%
Sale Date: 11/13/2024
Price: $89,740,000
Price/Unit: $226,616
Price/SF: $267

4) Edge at 1702 – 1702 W Cleveland St
Rating: 4*
Year Built: 2015
Units: 259
Vacancy: 5.0%
Sale Date: 4/30/2024
Price: $83,000,000
Price/Unit: $320,463
Price/SF: $368

5) Sage at Cypress Cay – 14976 Osprey Nest Loop
Rating: 4*
Year Built: 2022
Units: 324
Vacancy: 10.2%
Sale Date: 7/22/2024
Price: $82,500,000
Price/Unit: $254,629
Price/SF: $256

6) Henley Tampa Palms – 15350 Amberly Dr
Rating: 4*
Year Built: 1997
Units: 315
Vacancy: 6.0%
Sale Date: 11/19/2024
Price: $82,000,000
Price/Unit: $260,317
Price/SF: $257

7) 930 Central Flats – 930 Central Ave
Rating: 4*
Year Built: 2018
Units: 218
Vacancy: 3.2%
Sale Date: 10/24/2024
Price: $81,000,000
Price/Unit: $371,559
Price/SF: $372

8) Charleston on 66 – 12700 66th St N
Rating: 4*
Year Built: 2017
Units: 258
Vacancy: 7.0%
Sale Date: 11/14/2024
Price: $72,000,000
Price/Unit: $279,069
Price/SF: $255

9) The Dawson Apartments – 15501 Bruce B Downs Blvd
Rating: 4*
Year Built: 1987
Units: 408
Vacancy: 9.1%
Sale Date: 5/24/2024
Price: $66,726,300
Price/Unit: $163,544
Price/SF: $159

10)Pearce at Pavilion
Rating: 4*
Year Built: 2016
Units: 250
Vacancy: 10.0%
Sale Date: 12/28/2023
Price: $66,000,000
Price/Unit: $264,000
Price/SF: $184

 

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.