Boardwalk at Morris Bridge – Sold March 11, 2015

Boardwalk at Morris Bridge – Sold March 11, 2015

Price: $ Confidential

Total Number of Units: 580

Address: 8800 Boardwalk Trail Drive, Tampa, FL, United States

  • Value-Added Student Housing Opportunity
  • In-Place Upgrade Strategy Complete on 60 of the Community’s 580 beds
  • 10% Effective Rent Increase Achievable Post-Upgrade

Lead Agent(s):

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Location Highlights

Boardwalk at Morris Bridge is a 580-bed student housing community at the University of South Florida. The Property is located in Temple Terrace and offers students a full amenity package, large floor plans, and modern, updated units. Over the past 12 months, Boardwalk at Morris Bridge has received upgrades to approximately 60 of its 580 beds (predominantly four-bedroom/four-bathroom units). Upgrades include light cabinetry, faux-wood floors, carpet replacement (when needed), and appliance updates. These beds are leasing for approximately $50 more than non-upgraded units. Significant upside is possible via the strategic implementation of this upgrade process across the remainder of the asset. In place effective rent is within the $470 to $475 per bed range, and it is assumed that this already proven, 10 percent rent increase will be achievable on the remaining 520 beds by the start of the 2015-2016 school year. As such, Boardwalk at Morris Bridge is a rare, value-added student housing opportunity built after 2000.

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