My Dreamstone Investments Team Closes 90 Unites in Tampa

[Adam Ulery]

Investment Info:

Large multi-family (5+ units) commercial investment investment in Tampa.

Purchase price: $6,200,000
Cash invested: $2,300,000

Uptown Villas is comprised of 90 units of C-class studio, one and two bedroom apartment homes. The properties are located in Tampa’s up-and-coming Uptown district, at the Northwestern end of North Tampa. Our plan is to improve the property through updates to modernize the units and make the community more aesthetically pleasing. The plan also includes more efficient management of the property and tightening control of expenses through Dreamstone’s established systems and processes.
Tampa is a strong market and consistently ranked one of the top places in the US to invest in multifamily. The Uptown area is rapidly growing and receiving an influx of investment dollars to grow businesses and redevelop the area. The day after our closing on Uptown Villas we received the news that the 100-acre University Mall property, is undergoing an urban redevelopment project that will be called Rithm At Uptown. Once complete, Rithm At Uptown will be one of the largest, mixed-use innovation communities in the state with capacity for more than seven million square feet of development, including several thousand residential units. Rithm At Uptown is part of an ambitious plan by the Tampa Innovation Partnership to transform the area around the University of South Florida's main campus into a major employment center and a hub for research and innovation. Additionally, nearby Moffit Cancer Center recently announced a $400M expansion, 2 major hospitals in the area are undergoing major expansions, and Amazon recently purchased 82 acres approximately 5 miles away and plans to build a state of the art distribution center on the land. Needless to say, we believe we chose our location well and are super excited to improve Uptown Villas to contribute to the health of this growing area. https://www.dreamstoneinvest.com/

What made you interested in investing in this type of deal?

Growing massive wealth

How did you find this deal and how did you negotiate it?

Broker brought it to us

How did you finance this deal?

Syndication and commercial bank debt

How did you add value to the deal?

Investor relations, communications, marketing, administrative support, team collaboration, systems optimization, technical support

What was the outcome?

Closed 90 units!

Lessons learned? Challenges?

One seller was a total angry old man. COVID presented some unique challenges, partnered with another operator to increase our capital raising power

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Avery at Franklin Street