7903 Holly Lea Ct, Tampa, FL, 33617-8050, US

Puritan Place

Asset description

Jones Lang LaSalle, Inc. (“JLL”) is pleased to present Puritan Place, a 224-unit community in Tampa, FL. The property offers a mix of studio, one, two, and three-bedroom units spread across thirty-two residential buildings with a clubhouse. It is perfectly positioned for an interior value-add with significant potential premiums. Located just sixteen miles from Downtown Tampa's Commercial Business District, home to 60,930 employees and 4,448 businesses (including 300+ Fortune 500 jobs). Puritan Place benefits from its proximity to employment hubs, and it's community amenities. It is a remarkable place to live within a dynamic submarket with high barriers to entry and limited new supply.

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Attributes

Units

232

Year built

1974

Building area net

18,576 sm

Media

Investment highlights

Excellent unit mix containing one, two, and three bedroom floor plans
Opportunity to add washer/dryer connections and appliances to most of the units and garner a monthly premium
One completely rebuilt building as of 2023 with all new finishes which receive a premium
Substantial loss-to-lease in-place ($38K+) - 41% below market rent
Seal coat & parking lot restripe (2022)
197 units have been updated with opportunity to further improve with tile backsplash, vinyl flooring throughout, six panel doors, and more
Opportunity to convert to Ratio Utility Billing System (RUBS) to drastically reduce water/sewer expenses
Opportunity to implement valet trash program for additional income