Cushman & Wakefield has arranged the sale of The Park at Ashley Place, a 143-unit, garden-style apartment community located approximately 30 miles north of Tampa in New Port Richey. The value-add property sold for $15.2 million, or $106,049 per unit, and is currently 98 percent occupied.
Executive Director Nick Meoli and Executive Director Mike Donaldson, with Cushman & Wakefield’s Florida Multifamily Investment Sales Team, represented Nick Pittarelli, Avery Palevsky and Gerard Abitbol with Symcor Capital Partners, a Canadian real estate investment firm, in the disposition. The buyer is Main Street Holdings, LLC, a regional real estate investment firm based in Stuart, Florida, that focuses on multifamily assets.
The Park at Ashley Place is situated on approximately eight acres at 4031 Vista Verde Drive. It is centrally located within Pasco County, where exponential population growth is spurring significant new office, industrial, retail and single-family home development.
Built in 1986, the property comprises 13 block-construction buildings with 95 one-bedroom units and 48 two-bedrooms units, averaging 786 square feet. Community amenities include gated access, a swimming pool with paved sundeck and pergola, a fitness center, a clubhouse with a business center, a pet park and a picnic/grilling area.
“The Park at Ashley Place is situated in a high-growth secondary market in the Tampa Bay MSA, minutes from ‘A’ rated Trinity Hospital and over 24 million square feet of new office and industrial space,” said Meoli. “We were able to identify substantial upside in completing interior renovations, allowing the buyer to increase the effective rental income by 32%.”
Added Donaldson, “Through a targeted marketing campaign, we procured national and international investors generating strong interest with 224 registered buyers proving the high demand for value-add opportunities in secondary markets throughout Florida.”
Cushman & Wakefield’s Florida Multifamily Team is directed by Robert Given and includes Meoli and Donaldson as well as Luis Elorza and Brad Capas in West-Central Florida; Jay Ballardand Ken Delvillar in Central Florida; and Zachary Sackley, Troy Ballard, Calum Weaver, Errol Blumer, Neal Victor, James Quinn and Perry Synanidis in South Florida. Robert Kaplan, Chris Lentz and Mark Rutherford facilitate debt, equity and structured finance for the team throughout Florida.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services.