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
Location HighlightsBoardwalk 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.