Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Estates at Countryside, a 320-unit turnkey multifamily asset in Clearwater, Florida. The property sold for $56.7 million, which is equal to $177,187 per unit.
“The Estates at Countryside was one of the first deals in the country to go to market in the early days of the pandemic. Investor interest was very strong and is a testament to the long-term viability and strength of the Central Florida market,” said Shelton Granade, IPA executive managing director investments. The concrete-constructed rental community is in one of the Tampa-St. Petersburg MSA’s most desirable submarkets, northeast of Pinellas County/Clearwater.
Set on over 15 acres, the Estates at Countryside features a garden product with tunnel form concrete construction, has an average unit size of 1,000 square feet and 80 detached garages. Over the past year, the seller deployed nearly $3 million on exterior and amenity capital projects, including new roofs on each building, pool upgrades expanding the deck and adding new patio furniture, and upgrading the dog park. “We forecast new ownership will implement additional modest unit interior updates on turns, potentially yielding significant rent premiums in the first year of ownership,” said Luke Wickham, IPA senior managing director.
Granade, Wickham, and Justin Basquill, IPA first vice president facilitated the sale representing the seller and procuring the buyer.
The multifamily community is a 15.5-mile commute to Downtown Tampa CBD, which holds 9.7 million square feet of office space and over 60,000 employees. The district is home to the Amalie Arena, Tampa Bay Convention Center, Riverwalk District, and the Florida Aquarium. Additionally, Downtown St. Petersburg CBD is a 17.9-mile commute from the property, which is home to the EDGE District, Salvador Dali Museum, Vinoy Park, Tropicana Field, Al Lang Stadium, St. Petersburg Saturday Morning Market, Mahaffey Theater, Jannus Live, Johns Hopkins All Children’s Hospital, St. Anthony’s Hospital. The average household income within one mile is $109,493.