6909 Indian River Dr, Tampa, FL, 33617-9005, US

Rivertree Landing

Asset description

Jones Lang LaSalle, Inc. (“JLL”) is pleased to present Rivertree Landing, a 228-unit community in Tampa, FL. The property offers a mix of studio, one, two, and three-bedroom units spread across seventeen residential buildings with a clubhouse. It is perfectly positioned for an interior value-add with significant potential premiums. Rivertree Landing benefits from its close proximity to Tampa's Uptown Innovation Quarter - centered around the main campus of the University of South Florida, and one of the southeast's most Innovative medical research districts.

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Attributes

Units

228

Year built

1974

Building area net

220,700 sf

Media

Investment highlights

NEW ROOFS - all replaced since 2021
Over 50% of windows replaced
Excellent unit mix containing one, two, and three bedroom floor plans
Substantial loss-to-lease in-place ($137K+) - 60% below market rent
220 units have been updated with opportunity to further improve
Opportunity to convert to Ratio Utility Billing System (RUBS) to drastically reduce water/sewer expense
Historical strong rent growth - 9.5% T12 net rental income growth