January 7, 2022

Apartments In Tampa’s North Hyde Park Sell For More Than $400K Per Unit

By Ashley Gurbal Kritzer

An Atlanta developer has sold off its third apartment property in North Hyde Park — at a price-per-unit more commonly seen in downtown high-rises.

RangeWater Real Estate sold the 226-unit The Gray to a corporate entity linked to California-based Richland Communities for $92.53 million, according to Hillsborough County property records. The sales price breaks down to $409,451 per apartment — more than downtown’s Anchor Riverwalk fetched in August 2021.

RangeWater, previously known as Pollack Shores Real Estate Group, was a pioneer in North Hyde Park. The developer sold its first project there, NoHo Flats, for $57 million or $184,084 per apartment in 2014. Its second project, Havana Square, sold for $212,000 per unit in 2018.

“We’ve established a new market in Tampa by deploying new urbanist principles,” Anthony Everett, RangeWater’s Central Florida development director, said in a statement.

The developer’s total investment in the three projects was $130 million, Everett said, and the company will continue to manage The Gray.

The end of 2021 brought a flurry of top-of-market apartment sales in the Tampa Bay region. Manor Riverwalk, which was developed on the site of the Tampa Tribune, sold for $225 million, setting a new record for market-rate apartments in the Tampa Bay region. Waterview at Echelon City Center in St. Petersburg’s Carillon also sold for $100 million.

The investor interest — and willingness to pay previously unheard-of prices — comes as the Tampa Bay region was named one of the most competitive rental markets in the U.S. Every vacant apartment in the Tampa area has an average of 22 applicants seeking the unit, according to RentCafe.

Apartments and other housing in the region are filling up as Tampa Bay sees an influx of new residents from the Northeast and the Midwest. There’s so much demand for housing here that Zillow named Tampa Bay its hottest housing market of 2022, projecting that prices will rise nearly 25% through November 2022.

Read more at Tampa Bay Business Journal here.