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Ybor City-adjacent apartments sell to South Carolina investor


  • By Louis Llovio
  • | 12:15 p.m. June 12, 2024
  • | 2 Free Articles Remaining!
A South Carolina investor has picked up Lector 85, a 254-unit Tampa apartment complex.
A South Carolina investor has picked up Lector 85, a 254-unit Tampa apartment complex.
Image via lector85.com
  • Tampa Bay-Lakeland
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A 254-unit apartment community near Tampa’s Ybor City has been sold.

The property is the Lector 85 at 2409 E. Second Ave. and was bought by South Carolina-based rental housing investment firm Blaze Capital Partners.

Blaze did not disclose a sales price, and Hillsborough County property records have not been updated. The previous owner, an Indianapolis-based LLC tied to multiuse developer Milhaus, bought the property in 2017 for $3.62 million.

The community is about a mile from the heart of the Ybor City district in Tampa. It was built in 2021 and has studio, one-, two- and three-bedroom units ranging from 518 square feet to 1,255 square feet. Rents aren’t listed on the community’s website but according to Apartments.com start at $1,776 per month for a studio and top out at $3,125 for a three bedroom.

Along with standard amenities available in most communities, Lector 85 has a heated saltwater pool and pet spa.

In a statement announcing the purchase, Blaze says it plans to invest in the property and expand its ground floor retail offerings.

Blaze, according to the statement, was founded in 2016 and has sales totaling about $2.5 billion in gross asset value since it opened. In addition to Lector 85, it owns three other properties in Florida — two in Orlando and one in Broward County.

 

author

Louis Llovio

Louis Llovio is the deputy managing editor at the Business Observer. Before going to work at the Observer, the longtime business writer worked at the Richmond Times-Dispatch, Maryland Daily Record and for the Baltimore Sun Media Group. He lives in Tampa.

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