TAMPA, FL - Inland Real Estate Acquisitions announced that it negotiated and closed the purchase of Laurel Oaks Apartments, a 192-unit multifamily property located in Tampa, Florida. Matthew Tice, senior vice president of Inland Real Estate Acquisitions, completed the deal, with assistance from Brett Smith, vice president and associate counsel of The Inland Real Estate Group, LLC, Law Department, on behalf of an Inland affiliate.
Located at 8781 Orange Leaf Court, the property underwent interior and exterior renovations in 2016 and 2017. The property consists of 24 two-story buildings with 20 one-bedroom, 152 two-bedroom and 20 three-bedroom units. Laurel Oaks Apartments also features a recently renovated clubhouse and new playground area, a fitness center, swimming pool, pet park, sun deck, lighted tennis courts, a sand volleyball court and a grilling area.
“Laurel Oaks Apartments was an attractive acquisition opportunity because of the need it fills for the community of more than 162,000 residents within a five-mile radius,” said Tice. “Offering modest rental rates compared to the surrounding apartment communities, the property’s value-add upgrades and sought-after community amenities offer an affordable workforce housing solution for the variety of employees in the area. Located on the northeast side of Tampa, Laurel Oaks Apartments is situated in a nice community approximately 10 minutes from the University of South Florida, Florida Hospital, Moffitt Cancer Center and Seminole Hard Rock Hotel & Casino.”
As of August 6, 2018, the property was 95 percent occupied.
To date, Inland Real Estate Acquisitions, LLC has facilitated more than $46 billion of purchases including single-tenant properties, medical office buildings, retail properties and a total of more than $5 billion in apartments.