337-Unit Property Hits Market as Investor Demand Continues for Value-Add Opportunities Surrounding Tampa’s Urban Core
TAMPA, FL, October 18, 2018 — Cushman & Wakefield, as the exclusive agent, has launched the marketing campaign for Watermans Crossing, a 1973-built rental community positioned along the Hillsborough River in Tampa.
Owned and managed by Dallas, Texas-based Atlantic Housing Foundation, the offering represents an extraordinary opportunity for an investor to acquire a well-located property with multiple sources of potential revenue growth. The marketing team for Watermans Crossing is led by Luis Elorza, Brad Capas and Robert Given of Cushman & Wakefield’s Florida Multifamily Investment Sales Team.
Watermans Crossing consists of 337 apartments in 20, three-story buildings. The average unit size is 895 square feet and 25 percent of the residences are two-story lofts. The community is positioned on 13.4 acres with approximately 1,000 feet of frontage along the Hillsborough River, providing stunning water views. Community amenities include a large leasing center/resident clubhouse, three swimming pools, a sports court, a playground and a private boat ramp. In addition, several large open areas onsite enable an investor to expand community amenities if desired.
“Watermans Crossing is particularly unique in that it presents several opportunities for an investor to achieve unusually-high rent growth,” said Elorza. “In addition to implementing a traditional interior upgrade program to generate rent premiums, the property has expiring affordable rent restrictions that affect 75 percent of the units. Substantial revenue enhancement can be achieved by transitioning the designated affordable units to market rent.”
At 4515 N. Rome Avenue, along the west side of the Hillsborough River, Watermans Crossing is approximately three miles north of downtown Tampa.
According to data from Axiometrics, there are approximately 1,400 units under construction in downtown Tampa. Average market rents for newly constructed properties in downtown are approximately $1,912 or $1.96 per square foot.
Added Capas, “Watermans Crossing is just minutes from Tampa downtown, Tampa International Airport and the Westshore Business District. This infill area has been experiencing an influx of capital and restoration of older properties, a trend we expect to continue. We envision Watermans Crossing transforming into a distinctive waterfront enclave catering to residents who want to live close to the urban core at lower rents.”
Cushman & Wakefield’s Florida Multifamily Team is directed by Given and includes Elorza and Capas leading West Florida; Zachary Sackley, Troy Ballard, Neal Victor, Calum Weaver and Errol Blumer in South Florida; Jay Ballard and Ken Delvillar in Central Florida; and Julie Bohn in Jacksonville. Robert Kaplan, Chris Lentz and Mark Rutherford facilitate debt, equity and structured finance transactions for the team throughout Florida.
About Cushman & Wakefield:
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, advisory and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.