Cushman & Wakefield announced that the commercial real estate services firm has arranged the sale of The Park at Ashley Place, a 143-unit multifamily community located at 4031 Vista Verde Dr. in the New Port Richey submarket.
Nick Meoli and Mike Donaldson of Cushman & Wakefield represented both the seller and buyer in the transaction. The property was sold by Main Street Residential and acquired by an undisclosed buyer.
“Park at Ashley Place underwent significant transformative renovations of approximately $8,000 per unit by previous ownership,” said Meoli, Vice Chairman at Cushman & Wakefield. “With unprecedented population growth the New Port Richey submarket saw 16.4% rent growth in 2021 and is expected to experience an additional 21.1% increase in 2022, providing the buyer an opportunity to recapture the current loss-to-lease and implement lighter scope renovations to be more competitive in the market.”
The Park at Ashley Place was built in 1986 and was 99% leased at the time of sale. The multifamily community features units averaging 784 square feet and benefits from direct access to State Road 54, which is minutes from several retail center, major employers and more than 24 million square feet of new office and flex space. Amenities on-site include a fitness center, dog park, laundry facility, swimming pool with a sundeck, and covered picnic pavilion with BBQ grills.
“Given the strong market fundamentals and attractive upside potential, the marketing activity was robust with 28 offers generated,” added Donaldson, Vice Chairman at Cushman & Wakefield. “The buyer is an excellent operator in the area and intends to capitalize on New Port Richey’s long-term growth.”