TAMPA, FL - Carter Multifamily, a division of Carter Funds focused on acquiring and managing value-add multifamily real estate, has purchased Mode at Ballast Point located at 6306 S. MacDill Avenue in Tampa, Florida for $57.5 million. Carter Multifamily plans to reposition the 276-unit garden-style property, originally built in 1988 and formerly known as Solis at Ballast Point, under the new name "Mode at Ballast Point."
On 21.51 acres and spanning 218,592 net rentable square feet, Mode at Ballast Point boasts a strategic location in close proximity to prime retail and job hubs, prominent healthcare institutions, business parks, and major employers in Tampa, including MacDill Air Force Base which employs over 19,000 personnel1 and is minutes away from the property.
According to the U.S. Bureau of Labor Statistics, Tampa metro employment grew 4.3% year-over-year as of May 2023; the second fastest among large metros and surpassing Florida 3.6%) as well as the national employment growth rate (2.6%).
"We are thrilled to expand our presence into Tampa; an attractive multifamily market due to its favorable renter demographics, desirable climate, and growing economy. Mode at Ballast Point is situated in the highly sought-after South Tampa area near major employers, entertainment, and outdoor amenities, making it a desirable location for work and play. With the capital improvements planned for this property paired with our confidence in Tampa's potential to drive demand for high-quality, affordable apartments, we believe Mode at Ballast Point will be an accretive addition to our value-add real estate portfolio," said Ray Hutchinson, chief investment officer of Carter Multifamily.
Amenities at Mode Ballast Point include: a resort-style pool, private lake and park, an on-site pet park and is minutes from a waterfront walking/biking path along Bayshore Boulevard. Carter Multifamily intends to execute a value-add strategy which will include operational improvements, upgrades to community amenities, interior unit renovations, and exterior building improvements.