TAMPA APARTMENTS INVESTMENT
The purpose of this Confidential Investment Offering Overview is to provide a summary of a possible future private investment opportunity that may be made available to a certain limited number of accredited investors. This is not an offer to sell real estate and/or any type of security, partnership interest, public or otherwise.
The contemplated offering, if made available formally, would provide Investors with the opportunity to acquire an interest in a to-be-built eight story, 314-unit multi-family luxury rental community in Tampa, Florida, located at the major western gateway to the Tampa Central Business District (CBD) and within the affluent South Tampa and Hyde Park neighborhoods. Altis Grand Central, the name of the new apartment building, will be the premier rental address in Tampa, offering luxury apartments and first-class amenities, it is conveniently located in downtown Tampa and close to nearby entertainment destinations. Tampa, with a population of over 330,000, is the largest city in Hillsborough County, and the third largest city in Florida. Located 200 miles northwest of Miami, 180 miles southwest from Jacksonville, and 20 miles northeast of St. Petersburg, it offers easy access to a number of destinations. The city of Tampa operates over 165 parks and beaches and is the home of several professional sports teams including the Tampa Bay Buccaneers, Tampa Bay Lighting and Tampa Bay Rays. Tampa also welcomes visitors to the world-famous Busch Gardens amusement park and Florida Aquarium.
Tampa offers a strong local economy with large employers and schools in the neighboring areas to our apartment community that will drive demand. The Tampa General Hospital, located blocks away, employs over 6,700 people, with their corporate office and its 400 employees located adjacent to our site. The University of Tampa, with over 8,300 students and more than 1,200 employees, borders our property to the east. In addition, the site is located next to the Oxford Exchange, a 25,000 square foot mixed-use space that combines a bookstore, gift shop with specialty coffee and tea vendors and a restaurant on the ground floor accompanied by the Commerce Club offices above which create a unique experience for residents in the area. The development has very high walkability with restaurants, shopping and entertainment all within a five-minute walk.
Altis Grand Central will be a top-of-the-line rental community featuring 314 studio, one-, two-, and three-bedroom luxury residential units, with an average unit size of 842 square feet. The Property’s amenities will rival the most exclusive communities in the state. Residents will enjoy an 8th floor amenity deck with sky lounge club room, media room with a 120” projection screen, cabanas, spa, swimming pool, bowling lounge, game room, yoga room, cardio and spin theatre and views of the Tampa skyline. The top ninth floor will feature jaw-dropping views of the city and bay, lounge, dog salon, BBQ picnic area with grills, fire pit lounge and outdoor dining area. Units will feature top of the market finishes including designer kitchens, stainless steel appliances, quartz countertops, vinyl plank flooring, wine coolers, balconies, and beautifully appointed bathrooms with European style cabinets, vanity sinks and oversized soaking-tubs.
In addition to the new construction apartment community, Altman has also purchased the 34,000 square foot office property next door, called the Grand Central Place office building (The Grand). Built in 1925, The Grand is home to Mise en Place, one of Tampa’s finest restaurants, and contains office and retail tenants, which is currently 95% occupied. The Grand has a neighboring 110-space parking lot, which will be the location of the new apartment building. Upon completion of the new apartment community, the office building will then be provided parking in Altman’s new rental building.
The entire life of the project is anticipated to be 3.5 years. Construction is scheduled to begin in April 2017. The final unit is expected to be completed in November 2018 and the project is anticipated to reach stabilization in July 2019 with a sale projected in 2020.