Q2 2012 Tampa-St. Petersburg, Florida Apartment Property Sales Analysis

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Q2 2012 Tampa-St. Petersburg, Florida Apartment Property Sales Analysis


Investment has remained active. The $439.1 million that changed hands in 35 transactions in the first half of 2012 amounted to 74.8% of the total gathered in all of 2011. The total for the latest quarter alone for 12 sales was $189 million. The average selling price and mean cap rate were $82,000 per unit and 5.4%. The 12-month rolling cap was 6.8%, down from 7.4% a year earlier. In the second quarter’s largest sale, the largest in year, Bell Partners paid Seaport Channelside LLC $66 million ($156,398 per unit) for the 422-unit Seaport Channelside market-rate apartment property at 1120 E. Twiggs Street in the Channelside area to the near east of downtown Tampa. The sale closed in April at a 4.5% cap rate.