PALMS AT BALLAST POINT & SUN BAY APARTMENTS
3729 W. Tyson Ave & 3730 W. Bay Ave, Tampa, FL 33611
0
Units
$ 0 M USD
Purchase Price
$ 0 K USD
Renovation to interior exterior of the property
Sold
business plan & results
The property required interior renovation of units, recycling the current rent roll, improving bad debt due to poor management and improving exterior curb appeal. The property was successfully stabilized and put up for sale.
site & Project
The site consisted of 136 apartments situated in 4.3 Acres in Tampa, FL. The Sun Bay and Palms at Ballast Point Portfolio features a number of unique community amenities such as laundry facility, swimming pool, picnic area, barbecue pits as well as unparalleled access to nearby attractions such as Bayshore Boulevard to the east and the Westshore Marina District to the west. The area immediately surrounding the property is primarily composed of single-family residences.
sub-market
South Tampa is one of the highest barrier to entry locations in Tampa MSA with limited in-fill development opportunities, and only 15 units scheduled to deliver in the next eight quarters. The immediate area boasts outstanding demographics within a 3-mile radius, with an average household income of $111,252 and 30% of households earning more than $125,000 annually. In addition, home values have soared over the last decade, with homes selling at an average median between $575,000 and $1,380,000 – further driving the demand for renting.