TAMPA, FL—Capstone Apartment Partners has closed the $25,500,000 sale of Seastone & River Rock: a two-property, 160-unit apartment portfolio near the heart of Tampa, Florida. The transaction closed on Tuesday, July 20 at $159,375 per unit, setting a record price per unit in the city’s Temple Terrace/University Submarket.
Capstone’s Jad Richa, Brian Hunsicker, Tom Huffsmith, and Nasser Al-Hafi sold the property on behalf of Trinity Property Group. The buyer, Axcent Investments, is new to the Tampa market and a first-time multi-family buyer. They plan to continue upon Trinity’s renovation program in which 51 units received upgrades including new white cabinetry, granite countertops, stainless-steel appliances, wood-style flooring, subway tile backsplash, plantation blinds, and washer/dryer connections.
“This is a perfect example of Capstone’s advisory efforts in assisting our client with guidance on improving operations in an effort to prepare the assets for sale,” said Richa. “We engaged with the seller 18 months ago and laid out a plan that the management team was able to execute, which allowed us to maximize value for our client.”
Seastone & River Rock were built in 1973 and 1974, respectively. Situated on 8.95 total acres, the properties are approximately 0.3 miles from one another along N 53rd St just southeast of the University of South Florida. Both communities feature swimming pools and business centers as community amenities, and their combined occupancy was approximately 96.9% at the time of closing.