7702 Rivergate Dr, Tampa, FL 33619
116 Unit Apartment Building | For Sale | Tampa, FL 33619
For Sale
Active
16 pictures
- Property Type
-
Multifamily
- Square Feet
- 110,972 SF
Listing Contacts
Casey Babb
Luis Baez
Property Overview
Colliers is pleased to present Armature Park, a 116-unit community with proven value-add upside in fast-growing Tampa, FL. Only 10 minutes from the largest employers in downtown Tampa, the property converted from income-restricted to 100% market-rate in 2020. Current ownership renovated 113 units (97%) with modern Shaker cabinets, subway tile backsplash, hardwood-style floors, in-unit washers and dryers, stainless steel appliances, and granite countertops to achieve average premiums of $255/unit. The property was also recently infused with significant capital into new signage, roofs, exterior paint, landscaping, windows, and new amenities, allowing new ownership to concentrate on additional revenue-generating improvements.
There are multiple ways to add value at Armature Park. In addition to renovating the three unrenovated units, 24 units can be built “by right” on the back of the property. Targeted enhancements to the leasing office combined with amenity additions such as a pool and fitness center will complement existing unit interior renovations and boost the property’s perception for discerning renters. Already achieving impressive organic rent growth, nearly 6% on new leases and 4% on renewals over the last 5 months, new ownership can leverage outstanding market rent growth (42% Class B submarket rent growth over the last 5 years) to capture additional revenue and time value-add improvements perfectly.
There are multiple ways to add value at Armature Park. In addition to renovating the three unrenovated units, 24 units can be built “by right” on the back of the property. Targeted enhancements to the leasing office combined with amenity additions such as a pool and fitness center will complement existing unit interior renovations and boost the property’s perception for discerning renters. Already achieving impressive organic rent growth, nearly 6% on new leases and 4% on renewals over the last 5 months, new ownership can leverage outstanding market rent growth (42% Class B submarket rent growth over the last 5 years) to capture additional revenue and time value-add improvements perfectly.
Property Details
- Class
- C
- Year Built/Renovated
- 1975/2021
- Stories
- 2
- Lot Size (sq. ft)
- 381,150 SF
- Units
- 116
Highlights
- 116 Units
- 1975 Built | Rehabbed 2020/2021
- 92.2%
- $1,627 In-Place $/Unit
- $1.86 In-Place $/SF
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