A publicly traded Philadelphia real estate investment trust has paid $98 million for a Tampa-area apartment complex.
The Enclave at Tranquility Lakes sold to Philadelphia-based Independence Realty Trust on Sept. 13, according to Hillsborough County property records. Located in Riverview outside of Tampa, the complex was built in 2016. At 348 units, the purchase price breaks down to $281,609 per apartment.
That level of pricing per unit was once reserved for luxury multifamily properties in Tampa’s urban core. But demand for residential units in the Tampa Bay area has skyrocketed, driving up rents and investor demand for properties.
The seller, a corporate entity linked to Colorado-based Valhalla Holdings, paid $48.75 million for the property shortly after it was built in 2016, according to Hillsborough County property records.
Independence Realty Trust (NYSE: IRT) owned roughly 35,600 units across 120 communities as of June 30, according to an investors presentation. Some 69% of its portfolio is located within the country’s Sunbelt region.
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