Richmond at Tampa is a deal that we have negotiated with the sellers based on a bulk purchase. In December 2009, this property was completely locked up to a bulk buyer purchasing the remaining 125 units. Due to the buyers inability to arrange financing, the deal has fallen through and has been offered to us based upon minimum 20 unit purchase.
The property was built in 1996 of concrete block construction and is a Class A condo development located in the rapidly growing New Tampa area. The development is located less than 5 miles from the university of South Florida. Founded in 1956, University of South Florida is the ninth-largest university in the USA and the third largest in the state of Florida, with a total enrollment of 46,174 as of the fall 2008 semester.
As you can see from the rent roll, the rents achieved in the immediate area are very stable and as the New Tampa area continues to expand, property values will only rise. This is an opportunity to enter into the distressed Florida Property Market at bulk pricing along with locking in a 10% net return on capital.
Overview The City of Tampa is the largest city in Hillsborough County, is the county seat and is the third most populous city in Florida. It is located on the west coast of Florida, approximately 200 miles northwest of Miami, 180 southwest of Jacksonville, and 20 miles northeast of St. Petersburg. The population of the city represents approximately one-third of the total population of Hillsborough County. Tampa's economy is founded on a diverse base that includes tourism, agriculture, construction, finance, health care, government, technology and the port of Tampa. Contributing to the success of our community is the way businesses, City government, and citizens work together to make Tampa a better place to live.
New Tampa: New Tampa has seen extraordinary growth in the past few years. The population rose from 7,145 residents in 1990 to 26,634 in 2000, an increase of 19,489 or 272.7%. The population is now estimated at 37,350 as of 2005. New Tampa is accounting for 52% of Tampa's citywide growth and is expected to continue. Housing units increased by 850 between 2004 and 2005 to a total of 15,340 and many new subdivision are being built which is causing the extraordinary growth. New Tampa is bounded by Lutz to the west, Wesley Chapel to the north, Morris Bridge Road (near Thonotosassa) to the east, and the University community and the University of South Florida to the south.