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Business Observer Monday, Jul. 11, 2022 2 months ago

Tampa apartment complex refinanced for nearly $80 million

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The owners of the Hamilton Point on Egypt Lake apartments have refinanced about a year after buying the property and renovating it.
by: Louis Llovio Commercial Real Estate Editor

The owners of the Tampa apartment complex Hamilton Point on Egypt Lake have refinanced the property for $76.72 million, 15 months after buying it and completing an extensive renovation.

JLL Real Estate Capital Markets, which announced the news, will service the 10-year floating-rate loan from Freddie Mac Multifamily.

According to county property records, the 638-unit property was bought for $77 million April 2021 by Lakeshore Multifamily Properties, an LLC with Nashville P.O. Box as its main address.

JLL, in its announcement, says after the purchase the owner “completed an extensive renovation of this property and added immense value along the way” but gave no details of what work was done. A JLL spokeswoman did not respond to an email seeking those details.

Hamilton Point, at 6900 Concord Drive, is just off North Dale Mabry Highway, between Sligh and Waters Avenues near the Carrollwood community. It is in an older, established working-class section of the city about two miles north of Raymond James Stadium and Hillsborough Community College.

The property is made up of 60 two-story buildings with one-, two- and three-bedroom units between 550 square feet and 1,300 square feet in size, according to the complexes’ website.

Rent for a 550-square-foot one-bedroom unit runs between $1,567 and $1,952 per month, according to the website. A 950-square-foot two-bedroom, one-bath unit runs between $1,905 and $2,342 per month. Pricing was not available online for the larger 1,200-square-foot two-bedroom, one-and-a-half bath and 1,300-square-foot three-bedroom, two-and-a-half bath units.

A note on the site warns that “pricing and availability may change daily.”

That rents for a property far from life downtown and miles from the nearest beaches shines a spotlight on how expensive it's gotten for renters in Tampa.

According to Zillow, the median rental price in Tampa at the beginning of July jumped 26% to $2,350, a $314 increase, when compared with July 2021. For a two-bedroom apartment or condo unit, the median rental price at the beginning of July jumped 42% to $2,535, an $873 increase, when compared to July 2021.

Interestingly, though, the market for apartments may be showing some early signs of cooling. A second piece of Zillow data shows that while month-over-month median rents July 9 are up $99 per month to $2,399, median rent for a two-bedroom apartment or condo on the same day is down $390 to $2,028.  

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