New Tampa apartment complex sold for more than 2007 price
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Aug 3, 2015

An apartment complex in New Tampa has been sold for $49.325 million, above a 2007 peak price of $45 million.

ELRH Investments, based in Jupiter, paid $130,489 per apartment for The 378-unit Preserve at Tampa Palms, at 17220 Commerce Park Blvd., according to Hillsborough County property records.

The seller, New York-based Brookfield Property Group, paid $45 million or $119,045 per apartment in 2007.

The deal represents more than a rebound in prices. Since the Great Recession, there are more renters in the market - some by choice, some by default - which has driven up rents and subsequently pricing on multifamily properties.

The upward trend in rents has driven an onslaught of new apartment development in Tampa Bay, which doesn't appear to be slowing any time soon.