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‚Äôs 580 beds
  • 10% Effective Rent Increase Achievable Post-Upgrade
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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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