Oak Bend Offers a Proven Value-Add Program for New Buyer

Newmark announces the $15.1 million sale of Oak Bend, a 112-unit multifamily community located at 1550 University Woods Place in Tampa. Newmark Senior Managing Director Ryan Moody and Director Andrew Visnick represented the seller, Frankforter Group, in the sale to the undisclosed buyer.

“Oak Bend offers the buyer a significant opportunity to renovate 100% of the interiors,” stated Moody. “The property boasts a central location with exceptional access to employment, shopping destinations and one of the largest public universities in the country.”

Built in 1986, Oak Bend represents a tremendous value-add investment opportunity in Tampa, one of the country's top five (5) multifamily markets. The property enjoys a unique combination of locational and physical attributes presenting a phenomenal opportunity.

Oak Bend is within five minutes of The University of South Florida (USF) as well as Busch Gardens. USF is one of the largest Universities in Florida, with over 50,000 students and 15,000 employees. The property is also well-positioned between E Fletcher Ave and E Fowler Ave, which provides excellent accessibility throughout Tampa. I-275 is less than five minutes away, offering quick access to major employment centers including Downtown Tampa, which is less than 15 minutes south.

According to Newmark Research, multifamily investment sales volume has been trending upward, as quarter-over-quarter transaction volume rose 55.9% in 3Q20, the strongest sequential quarter-over-quarter gain since 2011. Rent collections for multifamily also continue to outperform other major property types, with 94.4% of rent payments collected in 3Q20.

Oak Bend consists of 100% of all two-bedroom, two-bathroom units, with seven of those being townhome units. 50% of the property's interior units are 100% original. The remaining units were partially renovated several years ago with resurfaced countertops, resurfaced bathtubs, cabinet fronts, plank flooring in the living room, kitchen and dining room and black appliances. The property offers the buyer the ability to substantially renovate the classic units and either fully renovate the 50% light- to partially-renovated units or add to their current upgrades. The buyer also has the ability to enhance the clubhouse, pool deck and amenity space for additional revenue, and to add washer and dryer equipment to all units (all units currently have connections).

Frankforter Group is a third-generation real estate investment and asset management firm with a focus on acquiring institutional grade multifamily and commercial real estate in Canada and the United States, with a proven track record of realized returns to our investors led by an experienced team, with over 40 years of combined industry experience.