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Most new apartments in Tampa Bay are luxury properties near the urban core. But investors are also finding good opportunities in buying existing apartment communities that appeal to renters who don’t want to pay downtown prices.
For example, The Pavillions at Ballast Point in South Tampa recently sold for $40 million. That equated to $144,927 per unit, an appealing price in today’s market.
Affordability is adding fuel to the demand for apartments locally. Average monthly rents for Tampa Bay are up to $1,200, but local costs are still lower than the national average of $1,381 per month.
– Craig Brown, Colliers International Multifamily Advisory Group