West River Flats

West River Flats

Price: $ Market Bid

Total Number of Units: 135

Address: 1545 Spruce Terrace, Tampa, FL 33607, United States

  • $1.3 million invested in interior renovation and $1 million invested in exterior renovation since 2015
  • 67 percent rent growth since January 2015
  • $272,040 in place loss-to-lease
  • Opportunity to continue recently implemented Phase II upgrade which receives $90 weighted average rental increase per unit per month
  • Opportunity to increase EGI by $96,918 by continuing recently implemented utility reimbursement program
  • Opportunity to capitalize on recently added community pool

Lead Agent(s): Cameron S. Barbas

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Location Highlights

Surrounded by all of Tampa’s Major Development Projects

  • West River Redevelopment – directly engulfed in this massive development, West River Flats will be one of the few structures untouched in 150 acres of development (headed by Related Group)
  • Tampa Heights – $820 million redevelopment, encompassing 43 acres on the Hillsborough River
  • Julian B. Lane Park – $40 million renovation
  • Water Street – $3 billion development headed by Jeff Vinik and Bill Gates
  • Riverwalk Place Tower – first office tower built in Downtown Tampa since 1992
  • Tampa International Airport – $2.3 billion expansion, intends to double annual passenger capacity
  • Raymond James Stadium – $150 million renovation and awarded Super Bowl LV in 2021
  • Port Tampa Bay – $55 million expansion plan to widen and deepen the channel and a $1.5 billion redevelopment proposal
  • Tampa Bay Rays New Stadium Site – Located three miles/10 minutes east is the preferred spot chosen by all Hillsborough County commissioners if the Rays decide to move their new stadium into Tampa

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