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Asking Price Contact for pricing
Area Size
NOI Net Operating Income N/A
NIY N/A

Documents

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Attributes

Year Built 2021
Building Area Gross

Asset Description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present the opportunity to acquire HITE & Notch (the “Properties”), two recently constructed, four & five-story elevator-served apartment communities totaling 193-units and located in historic Seminole Heights, Florida, a burgeoning and highly walkable, in-fill neighborhood a few minutes north of Downtown Tampa.      

HITE & Notch are the first institutional-quality apartments delivered in Seminole Heights, a neighborhood recognized for its gourmet restaurants, award-winning breweries, eclectic shops, and rapidly appreciating home values. The in-fill neighborhood, which has seen home values increase by 131% over the last five years, has a significant undersupply of apartment units and notoriously high barriers-to-entry due to land being fully developed and occupied by mostly single family residential and commercial uses.      

HITE & Notch, located only a few blocks apart (0.7 miles) from each other, stand out as the most attractive and well-appointed apartments in the Seminole Heights neighborhood. The communities offer an array of amenities including a 24-hour fitness studio, an outdoor grilling station and courtyard, pet spas, package receiving, dry cleaning services, a resident lounge, a complimentary coffee & tea bar, and bike storage. In addition, the Properties include ground floor retail space which is receiving strong interest from a broad range of retailers. So far, leases have been signed for a salon (Tribeca Heights), a Dentist (JainanDental), and LOI’s have been presented for a restaurant, a coffee shop and medical office.     

With in-place rents well below competing properties a few minutes to the south in downtown Tampa, HITE & Notch are positioned to provide investors strong cash flow and rapid rent growth. The Properties are offered as a packaged investment opportunity, but it is requested that offers break out pricing for each Property individually.       

Link to the property video: https://vimeo.com/625724807

 

Investment Highlights

  • Seminole Heights’ first Institutional-Quality Multi-Housing Communities
  • High Barriers-to-Entry in Very Dense, In-fill, Desirable Residential Neighborhood
  • Two Assets within Blocks of Each Other Offering Economies of Scale
  • Rents Well Below Competing Properties in Downtown Tampa a few Minutes Away
  • Trendy, Dynamic Neighborhood with Top Restaurants, Breweries, and Shopping
  • Rapidly Appreciating Home Values in Seminole Heights with 39.3% Year over year Growth, and 131% Growth in the Past 5 Years. (Redfin)
  • Immediate Access to Downtown Tampa and within a Short Drive of 360,000 Jobs, 5 Fortune 500 Headquarters
  • Excellent Submarket Fundamentals with 2.3% Vacancy and 9.8% Projected Rent Growth over 2021
  • Short Drive to Lifestyle Attractions like Armature Works, Amalie Arena, Ybor City, and Tampa International Mall
Last Updated Date: 29 Oct 2021

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Last Updated Date: 29 Oct 2021

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