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Dwell at Bay Crossing

A Tampa Gem
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2. LP Investment

Dwell at Bay Crossing is located within the Tampa MSA, which has been one of the top growth metros in the nation since 2015. Tampa’s unemployment rate sits at 3.4% (compared to the 4.0% national average), the population is expected to grow 6.1% from 2019-2024 (compared to a national average of 3.9%), and Tampa’s median income is expected to increase approximately 11.7% by 2023. All of these incredible statistics have led to an extremely strong multifamily market with rent growth averaging 5.0% since 2014 and projected rent growth averaging over 3.25% through 2023. Dwell at Bay Crossing has been previously institutionally owned and managed. The current owner has invested over $2 million in capital to preserve and improve the asset which means that there will be minimal deferred maintenance to address. The majority of capital that will be invested in the asset will be put towards enhancing the amenities and renovating the unit interiors – projects that will yield a return on investment. Although the current owner has completed upgrades on 45% of the units, there is the opportunity to further renovate these units to be more competitive with the higher quality product in the market. These units, along with the remaining 55% of units, will be brought up to a higher standard. The average rent increase through our renovation program will be $54/mo which is comprised of a $28 increase on the units that have been upgraded by previous owners and an average increase of $122 for units that have not yet been renovated. The projected post-renovation rents will still average $93/mo lower than the highest rent competitor. Moreover, other income producing projects will be implemented, such as adding washer and dryers in 144 units.
Project Details

Acquisition: $28,850,000

Units: 228

Close Year: 2019

Known for being extremeley investor friendly, Florida is home to some of the best deals in the market. An asset of this size produces great economies of scale
For more information on how to partner with Longview, feel free to reach out to us at lva@longviewacquisitions.com

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