Solis at Ballast Point

Tampa, FL

276

UNITS

1988

YEAR BUILT

21.52

ACRES

223,000

SQUARE FEET

PURCHASE PRICE

Investment Overview

Colliers is pleased to present Solis at Ballast Point, 276 units with significant value-add upside in one of the fastest-growing and most in-demand submarkets of Tampa, FL. Built in 1988, 154 units (56%) are in classic condition featuring white appliances, tile floors, original cabinets, and laminate countertops. Current ownership recently renovated 122 units (44%) with modern white cabinets, hardwood-style floors, higher-end laminate countertops, and stainless-steel appliances to generate average monthly premiums of $200/unit. Already achieving excellent organic rent growth of 43% on new leases, Solis at Ballast Point affords investment flexibility to either continue the successful renovation program or elevate all 276 units to an even higher price point, making Solis at Ballast Point is the perfect value-add opportunity.

Investment Highlights

  • Featuring 276 units with significant value-add upside
  • Achieving 43% organic rent growth in last 3 months
  • Recently renovated units are generating monthly premiums of $200/unit/month
  • 122 Units (44% of unit mix) have been recently renovated by current ownership
  • Favorable unit mix with 65% being two-bedroom units
  • Tampa ranks #1 in market rent growth over next 5 years in the United States

6306 South MacDill Avenue

Location Highlights

  • Positioned 20 minutes from Tampa International Airport and close to the key transportation arteries, Selmon Expressway, and Dale Mabry Highway
  • Minutes to grocery, entertainment, & waterfront amenities
  • Tampa’s new entertainment district, Water Street, is 10 minutes from Solis at Ballast Point
  • Highest rated schools in the Tampa MSA are in South Tampa

Location Highlights

  • Positioned 20 minutes from Tampa International Airport and close to the key transportation arteries, Selmon Expressway, and Dale Mabry Highway
  • Minutes to grocery, entertainment, & waterfront amenities
  • Tampa’s new entertainment district, Water Street, is 10 minutes from Solis at Ballast Point
  • Highest rated schools in the Tampa MSA are in South Tampa

Property Amenities

  • Private Lake & Park
  • Upscale Clubhouse
  • 24-Hour Emergency Maintenance
  • On-Site Pet Park
  • Swimming Pool

Contact

Will Mathews
National Platform Leader
+1 404 877 9285
will.mathews@colliers.com

Casey Babb, CCIM
Executive Managing Director
+1 813 217 0321
casey.babb@colliers.com

Shawn Rupp
Managing Director
+1 727 916 7877
shawn.rupp@colliers.com

Luis Baez, CCIM
Managing Director
+1 813 221 2079
luis.baez@colliers.com

CONFIDENTIALITY AGREEMENT

THIS CONFIDENTIALITY AGREEMENT (“Agreement”) is made and agreed to by Colliers Florida Multifamily (“Broker”), exclusive listing broker for the Property, and the undersigned Purchaser (“Purchaser”) regarding the Property herein (“Property”). The obligation of confidentiality undertaken pursuant to this Agreement shall survive the terms of the Broker’s listing agreement with the Owner(s). PURCHASER HAS REQUESTED information from Broker for the purpose of evaluating a possible acquisition of the Property. The Owner of the Property has instructed Broker to deliver information concerning the Property, much of which is highly confidential, only to those potential purchasers who sign this Agreement. THE PARTIES AGREE, in consideration of the covenants and agreements contained herein, as follows: 1. Purchaser will not disclose, permit the disclosure of, release, disseminate or transfer; any information obtained hereunder (“Information”) to any other person or entity. 2. If Purchaser is a corporation, partnership, limited liability company or other non-natural legal entity, the person(s) signing this Agreement on its behalf will take all appropriate precautions to limit the dissemination of the Information only to those persons within the entity who have need to know of the information, and who are specifically aware of the Agreement and agree to honor it. 3. This Agreement applies to all Information received from Broker, now or in the future, which is not readily available to the general public. Purchaser understands that all information shall be deemed confidential, valuable and proprietary such that its unauthorized disclosure, even without intent to harm, could cause substantial and irreparable harm to Owner and Broker. 4. All information shall be used for the sole purpose of evaluating the potential acquisition of the Property, and it shall not at any time, or in any manner, be used for any other purpose. 5. Purchaser shall not contact directly any persons concerning the Property, other than Broker, without Broker’s or Owner’s written permission. Such persons include, without limitation, Owner’s employees, suppliers and tenants. 6. Purchaser acknowledges that it is a principal and not an agent on behalf of any other party in conjunction with the purchase of the Property (except Advisors working on behalf of their pension fund clients). Purchaser acknowledges that it is not working with any other broker or agent other than The Babb Group in connection with this transaction. 7. Neither Broker nor Owner makes any representations or warranty, express or implied, as to the accuracy or completeness of any information provided by them. Purchaser assumes full and complete responsibility for reconfirmation and verification of all Information received and expressly waives all rights of recourse against Owner and Broker with respect to the same. 8. The Persons signing on behalf of Purchaser and Broker represent that they have the authority to bind the party for whom they sign. 9. This Agreement shall be governed and construed in accordance with the laws of the State of Florida. 10. No outside broker represents Purchaser. Purchaser is working with Colliers Florida Multifamily, specifically The Babb Group. Furthermore, Purchaser indemnifies Broker and owner against any commission claims by brokers on this listing or any listing by the Babb Group for the six months following the date of this agreement.