TAMPA, FL – JULY 15, 2019 – Hart Realty Advisers sold the Rocky Creek Apartments community in Tampa after renovations and improvements helped the 264-unit complex significantly appreciate in value over the hold period. Financial terms of the transaction and the name of the buyer are not being disclosed.
Rocky Creek Apartments were built in 1999 and are located at 6820 W. Hillsborough Ave., which is one of the most desirable corridors of the Tampa Bay area with more than 61,000 passing vehicles per day providing excellent visibility. The community is just minutes from the downtown Tampa business district, Tampa International Airport, the University of Tampa campus, and the Westshore office area and the nearby Gateway business district in St. Petersburg.
The complex includes units with one, two or three bedrooms, and amenities in the gated community include a resort-style swimming pool, a retention lake with a fountain and sun deck, a courtyard gathering space and outdoor kitchen with built-in barbecue grills, valet trash service, available garage parking, a car wash facility, a fitness room and a business center.
Since taking over management of the complex in 2012, Hart oversaw unit renovations and exterior upgrades and repairs that kept occupancy high and improved average rent per unit. Hart is selling the property on behalf of an institutional separate account client that intends to redeploy the capital elsewhere.
“Rocky Creek Apartments has been a terrific investment for our client, and we are pleased to advise them on a strategic exit so the gains can be put to work in other attractive opportunities,” said David S. Hart, Co-CEO of Hart Realty Advisers.
The transaction was brokered by Shelton Granade and Justin Basquill of CBRE’s Florida Multifamily team.
About Hart Realty Advisers
Hart Realty Advisers is an SEC-registered real estate investment advisory firm that acquires, develops and manages core, core plus, value-added and opportunistic real estate across all asset types. Founded in 1982 and based in Simsbury, Connecticut, Hart creates custom investment strategies for corporate and public pension plans, foundations and endowment funds to align their specific risk and diversification requirements with compelling marketplace opportunities. In 2018, Hart became a wholly owned subsidiary of Atlanta-based The Shopping Center Group (TSCG), one of the largest privately held retail advisory firms in the U.S. Hart now offers a vertically integrated platform with 215 professionals across 20 offices. For more information, please visit hartadvisers.com.
Contact for Hart Realty Advisers:
Mary Jane Credeur | The Credeur Group
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