Cushman & Wakefield announced that the commercial real estate services firm has arranged the $26,650,000 sale of the Grove at Temple Terrace, a 180-unit multifamily community located at 8741 Grove Terrace.
Nick Meoli and Mike Donaldson of Cushman & Wakefield represented the seller in the transaction. The property was sold by 29th Street Capital and acquired by Infinity BH.
“Grove at Temple Terrace is situated in the rapidly growing submarket of Temple Terrace within the Tampa metro statistical area,” said Meoli, Vice Chairman at Cushman & Wakefield. “Given the significant job growth in the area anchored by the Innovation Alliance District with over 74,000 jobs and 4,100 companies, the property continues to experience exceptional rent growth with lease trade outs averaging 17.74%.”
Grove at Temple Terrace spans 198,700 square feet total and offers some of the largest floorplans in the immediate area with units averaging 1,104 square feet. Amenities include a swimming pool, tennis court, clubhouse equipped with a complimentary coffee bar, on-site laundry, and gated entry into the property.
While the property has had a series of interior and exterior renovations over the last several years, Grove at Temple Terrace presents the opportunity to implement other value-add enhancements such as renovating interior units to a luxury grade finish, installing privacy fences in townhome units, adding a package receiving center in the club house, enhanced landscaping, and repositioning the tennis court.
“Considering the robust property performance and potential for growth, we received excellent interest from the investment community, creating a competitive bidding environment,” added Donaldson, Vice Chairman at Cushman & Wakefield. “The buyer, who has expertise in the submarket, recognized an opportunity to expand their presence in the market and take advantage of the area’s continued expansion.”