14200 Bruce B Downs Boulevard, Tampa, FL, 33613, US

ULake Apartments

描述

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present ULake Apartments (the “Property”), a prime 300-unit value-add opportunity with immediate access to the

Innovation District, Tampa’s second-largest job market at 74,000 employees and home to three major hospitals, several million square feet of space devoted to STEM jobs, the nation’s 9th largest university (The University of South Florida), and the $1 billion mixed-use redevelopment project of Rithm at Uptown.

The Property is currently operated as student housing, rented by the bed. However, with approximately 70% of in-place residents being non-students, the Property presents a compelling repositioning opportunity to transition to traditional multifamily operations. This conversion would unlock significant value through operational efficiencies, including RUBS implementation, introduction of a market-rate bulk internet program, and substantial reduction in operational expenses. While all units feature updated interiors and in-unit washers and dryers, a new owner has the opportunity to further upgrade the units to meet current market standards and command premium rents.

With a prime location near Tampa’s fastest-growing and most recession-proof employment hub, ULake Apartments uniquely offers prospective investors the ideal combination of exciting upside potential with a significant value-add component, strong immediate cash flow through operational repositioning, and the chance to capitalize on the growth within one of Tampa’s hottest micro markets.

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属性

单位数量

300

占用率

93%

建成年份

1980

Average Unit Size (SF)

634

媒体

投资亮点

Differentiated Product Within Oasis-Like Setting: Constructed in 1980, ULake spans 21.59 acres and features 28 two-story residential buildings with solid concrete block construction nestled around an expansive lake. The Property underwent improvements in 2014, including the installation of hurricane-grade, energy-efficient windows throughout the entire community. The combination of solid concrete block construction and serene site plan centered around the pond, creates a truly unique product offering.

Ability to Drive Value Through Interior Upgrades: All units currently have resurfaced counter-tops, stainless steel front appliances, modern plumbing fixtures, and stackable washer/dryers. While the units offer residents a clean, comfortable living environment, the finishes are now dated relative to today’s standards. As such, a new owner will have the opportunity to further enhance the unit interiors by painting the cabinetry white or gray, updating cabinet hardware, installing vinyl plank flooring in bedrooms, installing a modern lighting package, adding subway tile back-splashes, incorporating smart-home features, and implementing various other interior upgrades that have the potential to garner significant rent premiums.

Operational Repositioning Potential: The incoming ownership will have the opportunity to capitalize on significant untapped revenue streams that are standard practice among market-rate comparable properties, representing substantial value-add potential that will materially improve the Property’s revenue profile. Currently, the property charges a modest $20 flat utility fee covering gas, electric, water, and internet services; however, market analysis indicates comparable properties successfully charge $75 per month per unit for these same services—representing an immediate $55 per unit monthly revenue enhancement opportunity. Furthermore, there are substantial immediate operational expense savings upon acquisition supported by comparables.

Proximity to Tampa’s Medical City Center: In the immediate area, there are three major hospitals (Moffitt Cancer Center, AdventHealth Tampa, and James A. Haley Veterans’ Hospital) all of which are within a 5-minute drive of the Property. The Property boasts the convenience of being less than a 20-minute drive from Tampa’s major job markets of Downtown Tampa (71,000 employees) and the Westshore Business District (104,000 employees).

Endless Retail, Dining, and Entertainment Options: ULake Apartments benefits from exceptional connectivity to the thriving retail and entertainment ecosystem, with a Target within walking distance and within a 5-minute drive of the most comprehensive set of entertainment options in Tampa Bay. The entertainment landscape includes Busch Gardens Tampa, Adventure Island and University Square Shopping Center. Furthermore, the property stands to benefit from additional retail development within the $1 billion mixed-use development of Rithm at Uptown and the 35,000-seat USF Football Stadium which is set to be delivered in the first half of 2027.