Multifamily Value-Add Opportunity Hits the Market Near Tampa
LUTZ, Fla., May 14, 2018 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announces the exclusive opportunity to acquire Villas at Deer Park, a 172-unit apartment community in Lutz, Florida. The price is open bid.
“This asset will provide a new owner with the opportunity to add value through the capture of significant in-place loss-to-lease revenue,” says Frank Carriera, senior director, IPA. “Continuing the renovation plan and stabilizing the property also present opportunities to increase value,” adds Michael Regan, senior director, IPA. Carriera and Regan are representing the seller. The property is located at 15215 Livingston Ave. in Lutz, near the University of South Florida and interstates 275 and 75. The University of Tampa and Downtown Tampa are within 13 miles of the community, and the University Mall and Tampa Premium Outlets shopping centers are nearby. Built in 1975 on nearly 17 acres, Villas at Deer Park is composed of 86 residential buildings and a clubhouse. The average unit size is 950 square feet.