Tampa firm acquires Ballast Point area apartments for $57.5 million
By Breanne Williams
Tampa Bay Business Journal
Published: Jul 31, 2023

Carter Funds has acquired a garden-style apartment community near MacDill Air Force Base in Tampa for $57.5 million.

Carter Multifamily, a division of Carter Funds that focuses on multifamily real estate, purchased Mode at Ballast Point — which includes 276 units — with plans to reposition the property, according to a release. A deed has not yet been filed in Hillsborough County. The sales price breaks down to approximately $208,333 per unit.

The apartments, located at 6306 MacDill Ave., were built in 1988 and were formerly known as Solis at Ballast Point. The apartment community sits on 21.51 acres and has 218,592 net rentable square feet, according to Carter Funds. Both one- and two-bedroom units are available.

“We are thrilled to expand our presence into Tampa — an attractive multifamily market due to its favorable renter demographics, desirable climate, and growing economy,” Ray Hutchinson, chief investment officer of Carter Multifamily, said in the release. “Mode at Ballast Point is situated in the highly sought-after South Tampa area near major employers, entertainment and outdoor amenities, making it a desirable location for work and play.”

Amenities include a resort-style pool, a private lake and park, fitness center and on-site pet park. Carter Multifamily intends to make upgrades at the site, including “operational improvements, upgrades to community amenities, interior unit renovations, and exterior building improvements.”

The property is also minutes from a waterfront walking and biking path near Bayshore Boulevard. Mode at Ballast Point is just over a mile from Ballast Point Park and less 2 two miles from MacDill Air Force Base.

“With the capital improvements planned for this property paired with our confidence in Tampa’s potential to drive demand for high-quality, affordable apartments, we believe Mode at Ballast Point will be an accretive addition to our value-add real estate portfolio,” Hutchinson said.