TAMPA, FL – Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of Bristol Place Apartments of Tampa Palms, a 340-unit multifamily complex in Tampa. The $32 million selling price equates to more than $94,000 per unit.
IPA Florida executive director Jamie B. May advised the seller, AVR Realty Co. The buyer is Preston Giuliano Capital Partners.
“Bristol Place Apartments of Tampa Palms has tremendous value-add potential through strategic capital investments in interior unit renovations,” says May. “The asset also provides new ownership with an opportunity to capitalize on rental rate increases as the apartment market is expected to enter a prolonged recovery period.”
The property was built in 1992 on 22 acres at 15210 Amberly Drive off Bruce B. Downs Boulevard in Tampa Palms, a 5,400-acre master-planned community complete with apartment homes, churches, dining facilities, homes, offices, recreational facilities, schools and shops. Interstates 75 and 275 are both within two miles of the property.
Bristol Place Apartments of Tampa Palms is a gated community that features Mediterranean-style architecture, barrel tile roofs and 167 detached garages. The complex is composed of 20 two- and three-story residential buildings with one-, two- and three-bedroom floor plans averaging 1,040 square feet. Community amenities include a resort-style pool, a gazebo-covered spa, built-in gas grilling area, a separate lap pool, tennis court, car wash area, a playground and a lavishly appointed grand clubhouse with a business center, coffee bar, Nautilus fitness center, and indoor racquetball court.
Every unit interior has a built-in entertainment center, full-size washer and dryer, walk-in closets, large Roman-style soaker tubs, real wood Shaker-style cabinetry with custom wine rack, glass enclosed showers, ceramic tile, four-panel French doors, a security monitoring system and a full appliance package. All residences have balconies or patios with multiple French doors to an amply screened-in area with ceiling fans.