Summit West (Tampa, FL)

11500 Summit West Boulevard, Tampa, FL, 33617, US

Description

HIGHLY DESIRABLE LOW-DENSITY COMMUNITY

Spanning 24 acres of beautifully landscaped grounds, the Property was constructed in 1972 using durable concrete block construction. The Property’s 47 single-story residential buildings provide a highly differentiated villa-style housing product that stands apart in the market. In 2023, the Property underwent comprehensive exterior repainting. This combination of solid construction, distinctive architecture, institutional management and recent capital improvements positions the asset as a stable and compelling investment opportunity.

SIGNIFICANT INTERIOR RENOVATION UPSIDE

While all units remain in good condition, the finishes have become dated by today’s market standards. This presents a compelling value-add opportunity for a new owner to modernize unit interiors through strategic upgrades: refreshing cabinetry with contemporary white or gray paint, updating cabinet hardware, installing in-unit washers and dryers in the remaining 142 units, implementing modern lighting packages, adding subway tile backsplashes, integrating smart-home technology, and executing additional interior enhancements. These improvements have strong potential to command substantial rent premiums in the current market.

...

Attributes

Units

266

Year built

1972

Building area net

25,134 sm

Average Unit Size

1,017

Average Achieved Rent

$1,568

Occupancy

95%

Leased

97%

Land area gross

2 sm

Media

Investment highlights

SUBSTANTIAL MARK-TO-MARKET OPPORTUNITY

A new owner will have the opportunity to capitalize on the Property’s exceptional occupancy performance, which has consistently maintained mid- to high-90% levels with current T12 occupancy at 96.4%. The current ownership group, which has held the asset since 1992, does not conduct on-site tours and has prioritized minimizing turnover over maximizing rents, choosing stability over revenue optimization. This conservative approach has resulted in current market rents that remain well below nearby comparable properties. With Axio projecting an additional 3.1% rent growth in the immediate submarket, a new owner is positioned to capture substantial organic rent growth through strategic repositioning and active asset management.

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

Summit West 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.