Tampa, Fla. – Monument Real Estate Services, LLC of Coral Gables has sold two Tampa apartment communities to Wisco 7, LLC a Tampa based multi-family investment company. The two assets, Newport Riverside 164-units and Newport Pointe 128-units, sold for a combined $10.225 million.
Newport Pointe, built in 1974, is located at 4900 N. MacDill Ave. and is situated on 5.11 acres with five buildings containing one and two bedroom floor plans that average $568 per month. Amenities included a playground, sports court, clubhouse, laundry facility and a swimming pool with a sun deck.
Newport Riverside, built in 1968, is located at 4111 N. Poplar Ave. and is situated on 7.48 acres with 15 buildings containing one and two bedroom floor plans that average $609 per month. Amenities included a laundry facility, clubhouse, fitness center, carports, and a swimming pool with a sun deck.
Hendricks-Berkadia’s Vice President Jason Stanton, based in Tampa, negotiated both transactions with partners Cole Whitaker and Hal Warren out of their Orlando office on behalf of the Sellers.
Stanton said the new owner plans a value-add program for both of the communities to increase overall quality of the units and the communities’ curb appeal allowing for future revenue and occupancy increases.