02 Apr Axonic Properties Sells $16M FL Community
Heritage at Temple Terrace Apartments. Image courtesy of CBRE
Axonic Properties has sold Heritage at Temple Terrace Apartments, a 126-unit community in Temple Terrace, Fla. Creative Realty Partners has purchased the asset for $15.8 million, the third highest price per unit sale for a 1960-1979 vintage asset in Hillsborough County. According to Yardi Matrix data, the transaction funds included a $13.5 million five-year loan originated by The Bancorp Bank. CBRE represented both parties in the off-market sale.
“After buying the remaining units at Heritage Temple Terrace, we successfully collapsed the condo association and ran the property as a traditional multifamily asset. In this market, multifamily assets have a higher value than individual condos,” said Jonathan Shechtman, managing principal at Axonic Properties, in a prepared statement.
A value-add property
Located at 10605 N. 56th St., between interstates 275 and 75, Heritage at Temple Terrace Apartments is 12 miles from downtown Tampa and roughly 20 miles from Tampa International Airport. The property is close to schools, shopping, restaurants and entertainment.
Completed in 1968, the eight-building community features two- and three-bedroom floor plans ranging from 925 to 1,500 square feet, as per Yardi Matrix data. Common-area amenities include a fitness center, two laundry facilities, two swimming pools and 264 parking spaces.
CBRE’s Executive Vice Presidents Francesco P. Carriera and Michael P. Regan represented both buyer and seller in the transaction.
“The seller was able to capitalize on the value he had created by collapsing the association. The buyer saw an opportunity to add value by renovating the unit interiors. There continues to be plenty of opportunity for both buyers and sellers in the Tampa Bay Area,” said Carriera, in prepared remarks.
The same CBRE team brokered the $37.5 million sale of another Florida community in March 2018.