Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $10.35 million acquisition of Lois Landing Apartments, a 56-unit apartment property located at 115 South Lois Avenue in Tampa, Florida.
Principal Robert Stepp and Senior Vice President Todd Hawke of Stepp Commercial represented the buyer, a private investor from Long Beach, CA. The seller was a local private investor.
“This acquisition was the upleg in our buyer client’s 1031 exchange,” said Stepp. “We worked to sell a portfolio of nine apartment assets in Long Beach, CA in order to trade into this single apartment property in the prime south submarket of Tampa.”
Hawke added, “As California legislation continues to become more challenging for landlords, we have seen an uptick of long-term owners seeking to invest in key out of state markets like Tampa as they provide more freedom of ownership.”
Situated on 2.02 acres, the property was built in 1968 and has undergone more than $4 million in renovations over the past several years. The property includes two, two-story buildings with a unit mix of one and two bedrooms. Approximately 40 percent of the units have been highly upgraded with features such as granite countertops, tile flooring, stainless steel kitchen appliances and new lighting and cabinetry, and provide the opportunity for the new ownership to upgrade the remaining to create additional value. On-site amenities include a cabana area with fire pits and outdoor kitchens; a resort-style swimming pool with a Jacuzzi and sundeck; and a fitness center.
Lois Landing Apartments is surrounded by A-rated schools and is within five miles of the region’s two largest employment centers.