- For sale
THE PERFECT VALUE-ADD OPPORTUNITY ACHIEVING 43% NEW LEASE RENT GROWTH IN LAST 3 MONTHS
Colliers is pleased to present Solis at Ballast Point, 276 garden-style units with significant value-add upside in one of the fastest-growing and most in-demand submarkets in Tampa, Florida.
Originally built in 1988 to condo-quality standards, Solis at Ballast Point is currently achieving organic rent growth of 43% on new leases and affords investment flexibility to continue following a successful value-add program. Current ownership has renovated 122 units (44%) with modern white cabinets, hardwood-style floors, higher-end laminate countertops, and stainless-steel appliances generating average monthly premiums of $200/unit. To unlock additional value, new ownership can bring the remaining 154 units (56%) in classic condition to an even higher price point with premium renovation features such as tech packages and quartz countertops.
With shore access and major employers like MacDill Air Force Base (18,900 jobs) minutes away, Solis at Ballast Point is a popular location for highly skilled professionals ($128K avg. income within 5 miles) supporting double-digit rent growth projections in the submarket. The low-density, resort-inspired community is situated among luxury, million-dollar estates and less than a mile from the iconic Bayshore Boulevard. Combining a quality design unmatched in the South Tampa competitive set with exceptional market fundamentals, Solis at Ballast Point represents a highly sought-after value-add opportunity.
RECENT TRENDS INDICATE MASSIVE FUTURE UPSIDE
Solis at Ballast Point has a proven track record of strong organic rent growth and stable occupancy, averaging 97% over the last 12 months. Recent leasing trends show the phenomenal potential at the property. Over the last 3 months, Solis at Ballast Point is achieving organic rent growth of 43% on new leases.
TAMPA PROJECTED TO BE #1 IN MARKET RENT GROWTH OVER THE NEXT FIVE YEARS IN THE U.S.
A fast-growing MSA of over 3.1 million people, Tampa is experiencing exponential market rent growth driven by rapid population, income, and job growth. Achieving strong 16.4% growth in 2021, Tampa is projected to realize 26.3% growth in 2022 and an exceptional 9.1% annually from 2022 to 2026, ranking first among all major markets in the United States including Phoenix, Austin, Dallas, Atlanta, and Miami (Axiometrics). New ownership will time value-add improvements perfectly with a rising market.