ST Equities

Mainsail South

currently Avesta Bay Crossing

Tampa, FL

ST Equities

Property Type

Garden Style Apartments

Date Acquired

September, 2015

Rentable SF

235,456 SF

Net Equity IRR

Realized 46%

ST Equities

In Partnership with Avesta Real Estate, ST Equities acquired a 321-unit multifamily residential community composed of 23 two-story garden style buildings located in the Class A submarket of South Tampa. South Tampa is the most attractive submarket in the Tampa Bay area, with the highest rents, best neighborhoods, and top schools of the entire MSA. Multi-million dollar mansions are within just 5 blocks of the community, and the median income within a 3 mile radius of the property is $66k.

Having completing the exterior paint, clubhouse, and pool improvements, the partnership has allocated $1.2M of its total $2.4M value-add capital program. The community has a prime location in the heart of South Tampa, with only a handful of competing Class B rental options. Over the long-term, the deal will benefit from its prime location, which promises both high perpetual demand and limited competing supply.