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 in Tampa 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.

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

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. It is part of a plan by Tampa Innovation Partnership to transform the area into a major employment center and a hub for research and innovation.

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