The market for multifamily and investment properties is still going strong, particularly in the Tampa, Fla. market.
Image courtesy of IMT Tuscany Bay
According to the Tampa Bay Business Journal, IMT Capital of Sherman Oaks, Calif. bought two apartment complexes in the northwestern portion of Hillsborough Co. including the Preserve at Westchase Apartments and Tuscany Bay Apartments. Records indicate that both properties were purchased from Archon Group in Dallas, Texas for a combined $78.2 million.
More recently, the Carroll Organization – based in Atlanta, GA and headed by M. Patrick Carroll – purchased the West Park Village apartment complex in the Westchase area. The deal included 617 luxury apartment units for a record $122.5 million.
Although some indicators in recent weeks have shown an increase in the number of homeowners throughout the country, the market for rental, multifamily, and investment properties is a strong as ever as this deal indicates.
For property investors, the importance of maintaining a portfolio with income property in good condition and good locations cannot be overstated. Not only do these income properties provide a bump in personal or corporate assets, they provide much needed cash flow.
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