An apartment complex just off Interstate 75 in Riverview has sold for nearly $100 million.
The Enclave at Tranquility Lake, a 348-unit property at 9707 Tranquility Lake Circle north of Bloomingdale Avenue, sold Monday for $98 million to Philadelphia real estate investment firm IRT Living, according to Hillsborough County records. That’s more than double the $48.8 million the seller, a Boulder, Colo.-based limited liability corporation, paid for it in 2016.
The complex joins a suite of IRT apartment properties in Tampa Bay, including Lucerne in Brandon, the Lakes of Northdale in Carrollwood and Rocky Creek and Vantage on Hillsborough in Tampa’s Rocky Point area. Nationwide, the company has more than 120 multifamily properties encompassing 34,000 units in markets like Dallas, Atlanta and Raleigh, N.C.
As of June, IRT’s Tampa Bay properties were 95% leased at an average lease of $1,614 per month, resulting in net income of $3.3 million for that quarter.