This listing is for a 250-unit garden apartment community in Palm Harbor, FL for $33.5M in an all-cash sale. The property was built in 1988 and has a 93.9% occupancy rate and $1,616,750 in annual net operating income. It represents an opportunity to acquire a stabilized asset with potential for increased rents through interior renovations and capitalizing on the submarket's strong performance trends. The well-designed units include one- or two-bedroom flats and townhomes, and the property offers numerous amenities like a clubhouse, fitness center, pool, and tennis courts.

1. Location:
Tampa, FL
Asking
Price: $33.5M
TERMS: All cash
NOI: $1,616,750
OCCUPANCY (AS OF 7.10.2015): 93.9%

2. INVESTMENT HIGHLIGHTS
This is a 250-unit garden apartment community in Palm Harbor, one of the top-
performing submarkets of the dynamic Tampa Bay MSA. The property was built in
1988, and represents an excellent opportunity to acquire a stabilized, well-
maintained asset with proven value-add upside potential.

3. The new owner will have the opportunity to increase rents by expanding upon an
already proven value-add interior renovation program and capitalize on the
dynamic performance trends throughout the submarket.

6. PROPERTY HIGHLIGHTS
This community is 250 units with a large average unit size of 1,063
square feet in a well-designed floor plan, with one- or two-bedroom
flats as well as two-story townhomes. The property offers a highly
competitive community amenity package including a clubhouse with
catering kitchen, newly renovated 24-hour fitness center, off -leash dog
park, resort-style heated swimming pool with large sundeck, lighted
tennis courts, lighted basketball/sport court, picnic area with new

7. barbecue grill and smoker, courtyard gazebo, valet trash pickup, car
care center and gorgeous, mature landscaping with abundant oak trees.

8. .