Heritage at Temple Terrace

CBRE is proud to present Heritage at Temple Terrace, a 126-unit value-add opportunity located in one of the fastest-growing submarkets in Tampa Bay, the Uptown District. This asset is positioned on a sprawling 8.07-acre parcel with nearby access to Fowler Avenue, the area’s primary thoroughfare. This community features a superior mix of all two and three-bedroom floorplans averaging 1,211 sq. ft. The community’s amenity package includes two swimming pools, grilling stations, a laundry facility, and a vacant two-story structure that could be renovated to include multiple new amenities or possibly more units pending city approval.
The Uptown District (75,000+ jobs) has experienced rapid growth in the last two years. Notable developments include Amazon’s new $170 million fulfillment center, Moffitt Cancer Center’s $400 million expansion, Advent Health’s 536-bed expansion facility, James A. Haley Veterans’ hospital 415-bed expansion facility, Yuengling Brewing Company Hotel and hospitality extension, University of South Florida’s new on-campus buildings, and RITHM at Uptown, a 100-acre mixed-use innovation community encompassing 7 million sq. ft. Other existing destinations in the District include the University of South Florida, Busch Gardens Tampa Bay, and Pepsi Co.
The buyer of Heritage at Temple Terrace will benefit from a strong loss-to-lease recapture and implementing a proven value-add strategy on the remaining 64 “classic” units. In addition, ownership has implemented a moderate renovation package to 62 units and has achieved average in-place premiums of $129. By executing a higher quality renovation package including tile backsplash, granite countertops, shaker style cabinets, vinyl plank flooring, stainless steel appliances, and modern bathroom vanities on the remaining units, this will bring effective rents to market levels. As a result, comparable properties achieve average rental rates of $210 - $470 higher than the subject’s “classic” units.