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Business Observer Tuesday, Jul. 16, 2019 1 month ago

Apartment complex, after upgrades, changes hands

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Hart Realty Advisers sold the Tampa property on behalf of an investor after making major improvements.

TAMPA — Simsbury, Conn.-based Hart Realty Advisers has sold the Rocky Creek Apartments community in Tampa after renovations and improvements helped the 264-unit complex significantly appreciate in value. 

Financial terms and the name of the buyer were not disclosed in a news release about the transaction. The last listed sale of the property in Hillsborough County records was for $30.2 million in 2006, according to the Hillsborough County property appraiser website. 

Rocky Creek Apartments was built in 1999 and is located at 6820 W. Hillsborough Ave., a desirable corridor with more than 61,000 passing vehicles per day, according to the release. The community also boasts quick access to the downtown Tampa business district, Tampa International Airport, the University of Tampa campus and the Westshore office area.

Hart took over management of the community in 2012 and oversaw upgrades that kept occupancy high and improved average rent per unit, the release states. The firm sold the property on behalf of an institutional separate account client that intends to redeploy capital elsewhere.

“Rocky Creek Apartments has been a terrific investment for our client,” states David Hart, co-CEO of Hart Realty Advisers, in the release. “We are pleased to advise them on a strategic exit so the gains can be put to work in other attractive opportunities.”

Shelton Granade and Justin Basquill of CBRE’s Florida Multifamily team brokered the deal.

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