TRANSACTION REPORT

T R A N S AC T I O N R E P O R T
MID YEAR 2015 | TAMPA BAY MSA
TAMPA BAY MSA AWASH IN A DELUGE OF MULTIFAMILY TRANSACTIONS AS WELL AS NEW CONSTRUCTION
The Tampa Bay MSA economy has continued a slow upward trajectory with job growth registering at 2.8% in the year ending
May 2015 pushing unemployment down to 5.4% - in line with the national average of 5.3%. This has served to bolster the local
apartment sector which has seen steady rental demand for several years and a 15 year high this past year with approximately
7,600 new units absorbed. This demand is being met by developers who delivered just under 5,500 new units to market in the
year-ending 2nd quarter which was a 12-year high and expanded the rental base by 2.4%. Investors though still see Tampa Bay as
a good value play as compared to other metros in the southeast and throughout the country and they continue to pour money into
the apartment sector. Total transactions Y-O-Y were up 29% in 2015, the # of units trading hands was up 19%, and total market
transaction volume increased 17% from just over $1.64 Billion in mid-2014 to $1.92 Billion last year. Class A properties, the newest,
most amenitized and best located in the marketplace, traded for $158,543/unit on average spread over 15 sales; a Y-O-Y decrease
of 2.61%. Notably, developers sold 5 communities built between 2013 - 2014, many of them only 50% into their lease-up, for an
average of $192,020/unit led by the Crescent Bayshore deal which shattered a pricing record in our market commanding $303,815/
unit. The previous high was the sale of The Element in 2013 for just over $248,000/unit. Class B communities, generally those
built (or substantially rehabbed) between the mid-1980’s to the early 2000’s, accounted for just under 40% of the total transactions
over the past 12-months and that segment saw Y-O-Y per unit pricing increase 17.46% from $75,507/unit to $88,696/unit. Class B
properties with upside through improved units, amenities and/or management continue to be the most sought after nationally and
certainly in the greater Tampa Bay MSA. The Class C market segment, typically properties built prior to 1985 and in need of major
capital improvements or those in challenging socioeconomic locations, was the most active over the past 4-quarters making up 41%
of the total transactions and also experienced the best per unit pricing gains at nearly 30% Y-O-Y. Finally, there were 4 bulk-condo
sales all occurring within the past 6-months, and 3 of the 4 are slated for a full reversion back to apartments. For a complimentary
and confidential opinion of your property’s current market value, please do not hesitate to contact us directly.
CLASS
A
PROPERTY NAME
CITY
DATE
UNITS
BUILT
SALE PRICE
PRICE / UNIT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
Lexington Park at Westchase
Gardens at Cross Creek
Grand Reserve at Park Isle
Fusion 1560
Oxford Walk
Arbors at Branch Creek
Azure
Circle at Crosstown
Altis at Grand Cypress
Crescent Bayshore
Verandahs at Brighton Bay
NoHo Flats
Citrus Falls
The Flats at 4200 (Student)
Tampa
New Tampa
Clearwater
St. Petersburg
Tampa
Tampa
St. Petersburg
Brandon
Pasco
Tampa
St. Petersburg
Tampa
Tampa
Tampa
Jun-15
May-15
May-15
May-15
Apr-15
Mar-15
Mar-15
Feb-15
Dec-14
Dec-14
Oct-14
Sep-14
Aug-14
Aug-14
400
297
390
325
230
390
308
300
304
367
381
311
273
314
2002
2008
1998
2011
2006
1999
2014
2009
2014
2014
2002
2014
2003
2013
$64,500,000
$38,400,000
$60,350,000
$57,500,000
$22,200,000
$52,800,000
$55,600,000
$41,200,000
$47,300,000
$111,500,000
$50,300,000
$57,300,000
$35,250,000
$36,300,000
$161,250
$129,293
$154,744
$176,923
$96,522
$135,385
$180,519
$137,333
$155,592
$303,815
$132,021
$184,244
$129,121
$115,605
Conventional Sale
Conventional Sale
Conventional Sale
Conventional Sale
Conventional Sale
Conventional Sale
Conventional Sale
Conventional Sale
Conventional Sale
Portfolio Sale
Conventional Sale
Conventional Sale
Conventional Sale
Conventional Sale
15
College Court (Student)
Tampa
92
2004
Conventional Sale
Jul-14
Total / Averages
B
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
Oak Court & Oak Lake
Liv at Coachman
Collegiate Hall (Student)
Bay Meadows
Hamilton Bay
Bay Villa SoHo Portfolio
Mobley Park (LIHTC)
Vining's at Hunters Green
Coachman Crossing
Boardwalk at Morris Bridge (Student)
Sun Lake
Park on Waters
Bryan Dairy Place
Forest Creek
Sabal Palm at Carrollwood
Cameron Lakes
Town Park Villas
Carrollwood Palms
Bay Park
Carlyle on Waters
Camden Bayside
Sienna Bay
Three Fountains
Tuscany Villas
Camden Lakeside
4,682
St. Petersburg
Clearwater
Tampa
Clearwater
Brandon
Tampa
Tampa
New Tampa
Clearwater
Tampa
Brandon
Tampa
Seminole
Largo
Tampa
Clearwater
Tampa
Tampa
Clearwater
Tampa
Tampa
St. Petersburg
St. Petersburg
Brandon
Brandon
Jun-15
May-15
May-15
May-15
May-15
Apr-15
Apr-15
Apr-15
Mar-15
Mar-15
Mar-15
Mar-15
Mar-15
Mar-15
Feb-15
Feb-15
Feb-15
Feb-15
Feb-15
Feb-15
Jan-15
Jan-15
Dec-14
Dec-14
Dec-14
140
72
180
276
444
64
238
240
218
146
88
267
96
104
432
207
66
204
228
392
832
276
59
248
228
1972
1985
2000
1985
1989
1924
2000
1995
1985
2001
1985
1982
1986
1984
1995
1987
2008
1986
1991
1985
1987
1974
1969
1997
1986
$11,800,000
$128,261
$742,300,000
$158,543
$8,250,000
$5,900,000
$16,000,000
$34,150,000
$43,600,000
$9,350,000
$13,200,000
$21,700,000
$18,900,000
$17,200,000
$8,800,000
$19,500,000
$7,960,000
$8,650,000
$51,500,000
$19,000,000
$6,950,000
$12,300,000
$29,900,000
$26,200,000
$85,100,000
$23,300,000
$5,600,000
$23,700,000
$22,400,000
$58,929
$81,944
$88,889
$123,732
$98,198
$146,094
$55,462
$90,417
$86,697
$117,808
$100,000
$73,034
$82,917
$83,173
$119,213
$91,787
$105,303
$60,294
$131,140
$66,837
$102,284
$84,420
$94,915
$95,565
$98,246
COMMENTS
Conventional Sale
Conventional Sale
Conventional Sale
Conventional Sale
Conventional Sale
Portfolio Sale
Portfolio Sale
Portfolio Sale
Conventional Sale
Conventional Sale
Portfolio Sale
Portfolio Sale
Portfolio Sale
Portfolio Sale
Conventional Sale
Conventional Sale
Conventional Sale
Conventional Sale
Conventional Sale
Conventional Sale
Conventional Sale
Conventional Sale
Conventional Sale
Conventional Sale
Conventional Sale
MAKING A MARKET FOR MULTIFAMILY PROPERTIES
MAKING A MARKET FOR MULTIFAMILY PROPERTIES
SELECT 2015 TRANSACTIONS
SELECT TRANSACTION HISTORY
ROYAL BREEZE
LENOX PLACE
PARKVIEW
WATERFORD @ CYPRESS LAKE (LIHTC)
WILLOWBROOKE
CLEARWATER, FL
TAMPA, FL
TAMPA, FL
TAMPA, FL
LAKELAND, FL
200 Units
 $13,900,000
168 Units
 $7,100,000
100 Units
 $4,625,000
450 Units
 $20,000,000
300 Units
 $14,150,000
CHARTER HOUSE
PARK 62
LIV @ COACHMAN
GRANDVILLE @ COBB’S LANDING
LAGUNA VISTA
ST. PETERSBURG, FL
PINELLAS PARK, FL
CLEARWATER, FL
PALM HARBOR, FL
LARGO, FL
57 Units
 $3,200,000
46 Units
 $2,700,000
72 Units
 $5,900,000
200 Units
 $21,500,000
235 Units
 $12,050,000
ROYAL PALM
THE GRANT
CEDAR HOLLOW
ALTAMONTE
THE COLUMBIAN (HUD)
ST. PETERSBURG, FL
TAMPA, FL
ST. PETERSBURG, FL
TAMPA, FL
ST. PETERSBURG, FL
40 Units
 $2,300,000
12 Units
 $1,050,000
42 Units
 $2,040,000
Casey Babb, CCIM
Vice President Investments
Director - National Multi Housing Group
Direct Phone: (813) 387-4723
Mobile Phone: (813) 368-0835
[email protected]
232 Units
 $13,700,000
188 Units
 $6,800,000
NOHO FLATS (LAND)
TAMPA, FL
311 Units
 $5,800,000
BLOOMINGDALE WOODS
VALRICO, FL
224 Units
 $16,000,000
BAY OAKS
TAMPA, FL
176 Units  $11,350,000
Luis Baez
Shawn Rupp
Senior Associate
Member - National Multi Housing Group
Direct Phone: (813) 387-4849
Mobile Phone: (813) 767-6275
[email protected]
Associate
Member - National Multi Housing Group
Direct Phone: (813) 387-4766
Mobile Phone: (813) 966-7924
[email protected]
4030 W. Boy Scout Boulevard
Suite 850
Tampa, FL 33607
(813) 387-4700 Office
(813) 387-4710 Fax
Marcus & Millichap Real Estate Investment Services of Florida, Inc.
PROPERTY NAME
CITY
DATE
UNITS
BUILT
SALE PRICE
PRICE / UNIT
B (Cont’d)
CLASS
41
42
43
44
45
46
47
48
49
50
51
52
53
54
Liv at Boca Ciega
Serenity Towers (HUD)
Willow Lake
Woodberry Woods (LIHTC)
The Pointe at USF (Student)
Bay Cove
Laurel Oaks
The Village
Brandon Crossing (LIHTC)
Sabal Park
Summer Palms
Village at Park Road
Lincoln Shores
Park East
Total / Averages
St. Petersburg
St. Petersburg
Pasco
Brandon
Tampa
Clearwater
Tampa
Brandon
Brandon
Tampa
Riverview
Plant City
St. Petersburg
Tampa
Nov-14
Nov-14
Nov-14
Nov-14
Oct-14
Sep-14
Sep-14
Sep-14
Sep-14
Aug-14
Aug-14
Aug-14
Jul-14
Jul-14
50
210
144
348
336
336
192
112
200
248
340
248
631
192
9,332
1972
1971
1986
1996
1999
1972
1986
1986
1999
1990
2001
2001
1984
1988
$6,000,000
$8,800,000
$11,100,000
$21,800,000
$31,000,000
$32,000,000
$15,200,000
$10,400,000
$14,500,000
$19,100,000
$31,700,000
$21,800,000
$53,000,000
$12,200,000
$827,710,000
$120,000
$41,905
$77,083
$62,644
$92,262
$95,238
$79,167
$92,857
$72,500
$77,016
$93,235
$87,903
$83,994
$63,542
$88,696
Conventional Sale
Conventional Sale
Conventional Sale
Conventional Sale
Conventional Sale
Portfolio Sale
Portfolio Sale
Conventional Sale
Conventional Sale
Portfolio Sale
Conventional Sale
Portfolio Sale
Conventional Sale
Conventional Sale
C
55
56
Raintree Oaks I & II
Regency Pond
Tampa
Tampa
Jun-15
Jun-15
104
60
1983
1969
$3,937,500
$1,800,000
$37,861
$30,000
Portfolio Sale
Conventional Sale
57
Liv @ Jasper / Jefferson
Clearwater
Jun-15
53
1975
$2,900,000
$54,717
Portfolio Sale
58
59
Charter House
Candleglow
St. Petersburg
Brooksville
Jun-15
May-15
57
152
1968
1987
$3,200,000
$7,300,000
$56,140
$48,026
Conventional Sale
Conventional Sale
60
North Chase Villas
Tampa
May-15
72
1975
$3,000,000
$41,667
Conventional Sale
61
Hobart Lane
Pasco
May-15
52
1983
$2,700,000
$51,923
Conventional Sale
62
Wildwood
St. Petersburg
May-15
59
1960
$2,400,000
$40,678
Conventional Sale
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
Heritage at Temple Terrace
Oaks View
Landmark at Courtyards on the River
Lenox Place
Royal Breeze
Landmark at Savoy Square
Landmark at Avondale
Jackson Heights (HUD)
Rivermill
Village Square
Canturbury Oaks
Candlewood Villas
Country Square I & II
University Club
Tampa Gardens
Casablanca
Flamingo West (LIHTC)
Palm Island Club
Bella Mar I & II
Del Rio
Lago Bello
Tampa
Pasco
Tampa
Tampa
Clearwater
Clearwater
St. Petersburg
Tampa
Pasco
Pasco
Clearwater
Tampa
Tampa
Tampa
Tampa
Tampa
Tampa
Tampa
Tampa
Tampa
Tampa
May-15
Apr-15
Apr-15
Apr-15
Apr-15
Mar-15
Mar-15
Feb-15
Feb-15
Feb-15
Jan-15
Dec-14
Dec-14
Dec-14
Dec-14
Dec-14
Oct-14
Oct-14
Oct-14
Oct-14
Oct-14
126
152
296
168
200
182
304
111
136
92
72
64
146
544
135
241
72
320
264
160
120
1968
1985
1972
1970
1973
1970
1972
1971
1985
1985
1973
1981
1983
1973
1964
1971
1972
1972
1973
1983
1984
$6,595,000
$6,350,000
$13,000,000
$7,100,000
$13,900,000
$11,400,000
$20,200,000
$6,300,000
$4,900,000
$4,100,000
$3,750,000
$2,500,000
$5,700,000
$21,800,000
$3,550,000
$6,600,000
$3,500,000
$16,700,000
$8,640,000
$6,450,000
$4,230,000
$52,341
$41,776
$43,919
$42,262
$69,500
$62,637
$66,447
$56,757
$36,029
$44,565
$52,083
$39,063
$39,041
$40,074
$26,296
$27,386
$48,611
$52,188
$32,727
$40,313
$35,250
Conventional Sale
Conventional Sale
Conventional Sale
Portfolio Sale
Portfolio Sale
Conventional Sale
Conventional Sale
Conventional Sale
Portfolio Sale
Portfolio Sale
Conventional Sale
Portfolio Sale
Portfolio Sale
Conventional Sale
Conventional Sale
Conventional Sale
Conventional Sale
Conventional Sale
Portfolio Sale
Portfolio Sale
Portfolio Sale
84
The Falls
Tampa
Oct-14
240
1985
$14,100,000
$58,750
Conventional Sale
85
86
87
88
89
90
SandStone
Rivertree Landing
Park at Barrington
Courtney Cove
Clearwater I & II (HUD)
Oakhurst Square (HUD)
Tampa
Tampa
Pasco
Tampa
Clearwater
Tampa
Sep-14
Sep-14
Sep-14
Aug-14
Aug-14
Aug-14
100
228
244
324
90
200
1967
1974
1975
1981
1983
1950
$3,100,000
$7,200,000
$12,000,000
$19,000,000
$5,120,000
$7,000,000
$31,000
$31,579
$49,180
$58,642
$56,889
$35,000
Conventional Sale
Conventional Sale
Conventional Sale
Portfolio Sale
Conventional Sale
Conventional Sale
91
Bay Pointe
Clearwater
Jul-14
416
1974
$18,000,000
$43,269
Distressed Sale
92
Bayou Crossing
Riverview
Jul-14
290
1996
$11,500,000
$39,655
Conventional Sale
93
Pinellas Point
St. Petersburg
Jul-14
136
1972
$4,800,000
$35,294
Conventional Sale
94
Mar Plaza (HUD)
Tampa
Jul-14
83
1978
$4,600,000
$55,422
Portfolio Sale
$310,922,500
$45,291
Total / Averages
BULK CONDO
6,865
COMMENTS
95
Park Village (96.25%)
Pinellas Park
May-15
154
1984
$12,300,000
$79,870
Conventional Sale
96
Woodridge at Carrollwood (85.63%)
Tampa
Apr-15
137
1974
$7,020,000
$51,241
Conventional Sale
97
Cypress Falls (82.64%)
Palm Harbor
Mar-15
357
1985
$22,000,000
$61,625
Conventional Sale
98
Armenia Village (55.30%)
Tampa
Jan-15
73
1984
$3,600,000
$49,315
Conventional Sale
721
$44,920,000
$62,302
21,600
$1,925,852,500
$89,160
Total / Averages
Grand Total / Averages