Luis Baez, CCIM

First Vice President Investments

Email: Luis.Baez@MarcusMillichap.com
Phone:
(813) 387-4849 – Direct
(813) 767-6275 – Mobile

 

Miles Tombrink

Associate

Email: Miles.Tombrink@MarcusMillichap.com
Phone:
(813) 387-4739 – Direct
(813) 716-2781 – Mobile

 

Casey Babb, CCIM

First Vice President Investments

Email: Casey.Babb@MarcusMillichap.com
Phone:
(813) 387-4723 – Direct
(813) 368-0835 – Mobile

 

Shawn Rupp

Senior Associate

Email: Shawn.Rupp@MarcusMillichap.com
Phone:
(813) 387-4766 – Direct
(813) 966-7924 – Mobile

The University West Portfolio is a 1960’s vintage garden apartment portfolio consisting of two communities, Regency Pond and Busch Terrace, totaling 95 units. The communities are located within 3.2 miles of each other in the University submarket of Tampa, Florida and minutes from major demand drivers, points of interest, and major transportation corridors. The Portfolio presents investors the opportunity to invest into two multifamily assets under one management team realizing operating efficiencies and above average cash flow beginning on day one of purchasing. Both assets have recently received numerous major capital improvements and are being delivered turn-key fully stabilized. Assuming the purchase is financed with current available rate and terms, an investor can expect a cash-on-cash return of over 14 percent on current income with the ability to increase the net operating income by reducing the current loss to lease therefore increasing the cash-on-cash return to over 15 percent. On a ten-year hold, an investor can expect an average annual return (IRR) of over 23 percent.

Regency Pond is the largest of the two communities consisting of 60 units situated on 1.44 acres. Built in 1969 of concrete block construction, the community consists of six two-story buildings with flat, built-up roofs. Units consist of a mix of one-bedroom/one-bathroom and two-bedroom/one-bathroom units averaging 600 square feet. Recent capital improvements include all new roofs, all exteriors pain, new parking lot surfacing, tile throughout the interiors of the majority of units, new air-conditioners in select units, and a comprehensive security camera system.

Busch Terrace consists of 35 units and situated on two parcels totaling 1.68 acres. Built in 1967 of concrete block construction, the community consists of four single-story buildings with pitched shingle roofs which were replaced approximately five years ago. Units consist of a mix of one-bedroom/one-bathroom and two-bedroom/two-bathroom units averaging 693 square feet. Recent capital improvements include all exterior paint, new parking lot surfacing, tile throughout the interiors of the majority of units, new central HVAC systems in the majority of the units, and a comprehensive security camera system.

  • Two-Property Portfolio Within Three and One-Half Miles of Each Other Offering Operating Efficiencies
  • Concrete Block Construction
  • Turn-Key, Fully Stabilized Assets with Above Average In-Place Cash on Cash Return (14 Percent Plus)
  • Upside Potential Through Reduction of Existing Loss to Lease
  • Located in an Infill, High Rental Demand Submarket (Renters by Necessity)
  • In Close Proximity to Major Demand Drivers Including Large Employment Hubs and Highly Desirable Points of Interest
  • Within the Tampa Innovation District
  • Within Minutes of Three Major Interstates to Easy Access throughout Tampa Bay

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