ST Equities

Mainsail South

currently Avesta Bay Crossing

Tampa, FL

ST Equities

Property Type

Garden Style Apartments

Date Acquired

September, 2015

Hold Period Months

Current Asset

Rentable SF

235,456 SF

Net Equity IRR

Projected 13.13%

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.