The Park at Ravenna – Closed on February 22, 2019

The Park at Ravenna – Closed on February 22, 2019

Price: $ Market Bid

Total Number of Units: 300

Address: 6919 Bonair Drive, Tampa, FL 33617, USA

  • 300-unit multifamily community constructed of concrete block, located in Tampa, FL
  • 3.2 million in capital expenditures since 2016
  • $228,948 immediate upside through in-place loss-to-lease
  • Opportunity to increase rents 14% on top of the current average
  • $340,247 (21%) increase in Net Operating Income in year 1
  • Exterior renovations include revitalized landscaping, repaired common area lighting, all new roofs, repaired stairs and siding, new paint, remodeled clubhouse, energized community amenities, and a remodeled clubhouse
  • Interior renovations include new modern white cabinets, white appliances, modern vinyl flooring, new ranges, resurfaced countertops, updated lighting package, updated hardware, ceilings fans, and blinds

Call for Offers: Thursday, October 4th by 5:30pm EST

>>View Deal Portal Here<<

Lead Agent(s): Francesco P. Carriera or Michael P. Regan

Location Highlights

  • 50% cheaper to rent vs. own in the immediate submarket
  • $409 spread between the cost to own in a 3-mile radius and The Park at Ravenna’s current market rents
  • Located in high barriers to entry submarket with no recently completed or under construction supply
  • 95.5% average submarket occupancy in the last 12 quarters dating back to Q2 2015, according to RealPage
  • 13 properties have transacted in the last 3 year surrounding The Park at Ravenna, with the majority experiencing renovation programs
  • This has led to a 23% rent growth for these properties which outpaces the rest of Tampa Bay by 10%.
  • Located minutes from Busch Gardens, Adventure Island, University of South Florida, I-275/I-75/I-4, and downtown Tampa
  • 10 minutes to Seminole Hard Rock Hotel & Casino ($700 million expansion which will add 1,000 new jobs)
  • 3.5 miles south of Tampa Innovation Alliance’s $1.5 billion expansion development zone
  • 15 minutes to downtown Tampa ($3 billion expansion project and potential future site of the Tampa Bay Rays)
  • 15 minutes to Tampa’s fastest growing and most popular dining and nightlife destinations: Ybor City and Seminole Heights
  • Directly adjacent to King High School, rated an A or B school in 7 of the last 8 years
  • Frontage on 56th Street – 44,500 daily traffic counts
  The Park at Ravenna from Carriera Regan on Vimeo.

Additional Photos