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Business Observer Thursday, May 12, 2022 1 week ago

Two complexes in up-and-coming Tampa neighborhood sold

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An undisclosed buyer pays $60.5 million for the two Seminole Heights properties.
by: Louis Llovio Commercial Real Estate Editor

A pair of Tampa apartment complexes have sold in the city’s historic and rising Seminole Heights neighborhood.

The two properties sold for a combined $60.5 million.

The deal was completed with $50.29 million in financing structured by CBRE’s Debt & Structured Finance division. As for who the buyer is, a CBRE spokesperson says in an email that “unfortunately, we don’t have permission to release the name of the buyer.” Hillsborough County property records have not been updated.

The lender was Ready Capital.

The two properties are HITE and Notch.

HITE, at 6006 N. Florida Ave. is an 81-unit, five-story complex with 6,771 square feet of ground-floor retail. The complex is made up of studio, one- and two-bedroom apartments averaging about 764 square feet.

Notch, at 6307 N. Nebraska Ave., is a 112-unit, four-story complex with 1,144 square feet of retail. It’s also made up of studio, one- and two-bedroom units but at an average of 780 square feet.

Both complexes are in a part of town that just 20 years ago was known for its grittiness and seediness, a place where the thought of an apartment complex with designer light fixtures would have been scoffed at. Over the past several years, though, shops and restaurants have been popping up, transforming the area and making it a popular destination for those who want city living.  

Eric Fixler, an executive vice president with CBRE, says the neighborhood “has quickly become one of Tampa’s most popular neighborhoods, and the area is perfect for families and active singles which is still unique and affordable.

“We were able to secure multiple options for the financing due to the unique design of the assets and location.”

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