TAMPA — University Gardens, a 292-unit apartment community near the University of South Florida, has sold for $23.5 million. The Tampa brokerage Franklin Street arranged the sale from a local limited liability company to Uptown Ambrus Investments, a private equity investment group.
The sale of the property, built between 1969 and 1974 at 2002 Colonial Parc Drive, is " another example of the continued desire for investors to own workforce housing in Central Florida, especially in improving submarkets like the University Square area," said Kevin Kelleher of Franklin Street. "The area, now commonly referred to as the Innovation Alliance District, has given a spark to a location that was traditionally only Class C or purpose-built student housing. Today, an older asset like University Gardens can be improved and thrive by providing a mid-level rental experience in a submarket which is vastly underserved with that product type."
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