Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

Documents

Enter the "Deal room" for exclusive documents related to this property.

The Deal Room features confidential documents related to this property. To access the Deal Room, you will need to be logged in. If you don't have an account, please create one. More questions? Visit our FAQ.
I accept the confidentiality agreement
Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. Approval for Deal Room access requires review by our Broker Team. You will be notified by email once your access is granted. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.
I accept the confidentiality agreement I accept the confidentiality agreement
Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Attributes

Year Built 1974
Building Area
Number of units 210

Property Description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present the opportunity to acquire 246 condominium units out of 361 total units (68.1%) within Palmera Pointe (the “Property” or the “Bulk Condo Offering”), a garden-style community located adjacent to the Westshore Business District, Tampa Bay’s largest employment market, and the region’s most prominent retail destination. Currently held in receivership following a partnership dispute, the Property offers the opportunity to enhance cash flows through a variety of avenues, including enhancing the Property’s exteriors and amenities, continuing a proven interior renovation program to generate substantial rent premiums, acquiring additional units at a favorable basis, improving operational efficiencies, and taking advantage of recent 20%+ lease increases.


Built in 1974 with concrete block construction on the first two stories, the Property differentiates itself with some of the largest floorplans in the Tampa market averaging 1,109 sf across the unit mix, which includes townhome-style units and four-bedroom units. The Property’s variety of unit types allows it to cater to a variety of potential renters, from families to young professionals. Residents also have access to three pools, a fitness center, a large clubhouse for hosting parties, and a recently installed playground.


Current Ownership is in the midst of an interior value-add program where they have been installing stainless steel appliances, kitchen backsplash, and refinishing the countertops. Units at the full renovation level have been achieving an average of $100 premiums over the non-renovated units, with management suggesting that rents could be increased hundreds of dollars further. The Property also has roughly ⅔ acre of vacant land that could be used to develop a dog park and various other outdoor amenities.


The Property’s proximity to the Westshore Business District serves as a major demand driver ensuring a constant stream of tenants. The District is home to over 102,000 employees and major companies including Amgen, Bloomin’ Brands, and PWC. The Westshore District stands as one of Tampa Bay’s true live-work-play destinations with 18.2 million square feet of office space, 9 million square feet of retail space, and 8,000 hotel rooms. Businesses, retailers, and residents alike are drawn by Westshore’s strategic, centralized location at the junction of I-275, the Veterans Expressway, and the Courtney Campbell Causeway, providing convenient access from nearly anywhere in the entire region.


Investment Highlights

  • Proven Value-Add Strategy Achieving Strong Premiums
  • Upside Through Operational Efficiencies
  • Opportunity to Buy Back Additional Units At An Attractive Basis
  • Spacious Floorplans Averaging 1,109 SF with Townhomes and Four-Bedroom Units
  • Immediate Access To The Region's Largest Employment District
  • Proximate To An Abundance Of Retail And Dining
  • Strong Market Fundamentals
Last Updated Date: 07 Oct 2021
Zach Nolan
Zach Nolan
Senior Director, Capital Markets
License details
FL-SL3280497
Matt Mitchell
Matt Mitchell
Senior Managing Director, Tampa Office Co-Head
License details
FL-BK3221815

There was an error submitting your request. Please try again, or submit you inquiry here.

 

PRIVACY NOTICE

Jones Lang LaSalle (JLL), together with its subsidiaries and affiliates, is a leading global provider of real estate and investment management services. We take our responsibility to protect the personal information provided to us seriously.

Generally the personal information we collect from you are for the purposes of dealing with your enquiry.

We endeavor to keep your personal information secure with appropriate level of security and keep for as long as we need it for legitimate business or legal reasons. We will then delete it safely and securely. For more information about how JLL processes your personal data, please view our privacy statement.

Last Updated Date: 07 Oct 2021

Do you have any questions?  Visit our FAQ page

JLL  financing

JLL can help you finance and manage your portfolio.
Email us today to see how we can help achieve your ambitions.