Institutional Property Advisors (IPA), a division of Marcus & Millichap announces the sale of Hanley Place, a 400-unit multifamily community located in Tampa, Florida. The $42.15 million sales price equates to $105,375 per unit.
“Hanley Place is a stabilized asset with high historical occupancy,” says Michael Regan, senior managing director. “The property will provide new ownership with in-place cash flow and passive upside.”
“Multifamily investors are being drawn to Central Florida by the region’s strong employment growth and healthy economic fundamentals,” adds Frank Carriera, senior managing director. “IPA’s national presence gives buyers from across the country the ability to grow their multifamily portfolios with assets located in prime Florida markets.”
Carriera and Regan represented the seller and procured the buyer.
Hanley Place is located at 7315 West Hanna Ave. in Tampa, 10 minutes from Tampa International Airport and near International Plaza and Bay Street, an enclosed, regional shopping center and adjacent outdoor lifestyle center with 200 specialty stores and 16 restaurants. The Westshore Business District, and Westshore Plaza and Westfield Citrus Park, two 1-million-square-foot shopping centers, are also nearby. Built in 1972 on more than 18 acres, the property features 50 residential buildings and a clubhouse.
About Institutional Property Advisors
With a network of senior-level investment advisors located throughout the United States, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios.