South of Gandy apartments sell for $47.8 million
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Aug 4, 2023

A newly built apartment complex in Tampa's South of Gandy area has sold for just under $47.8 million, according to Hillsborough County property records.

The Watson, which has 205 apartments and sits on 10.5 acres at West McCoy and South Trask streets, wrapped up construction earlier this year. It was sold to South Florida-based Advenir, which has renamed the property Advenir at The Watson. The price per unit breaks down to $233,143.

The seller was Atlanta-based Penler, which developed the property. Penler paid $10.5 million for the site in early 2021; it was previously home to an industrial facility.

A 652-square-foot, one-bedroom apartment at Advenir at The Watson rents for $1,917.

Advenir assumed the mortgage on the complex, property records show. The sale closed July 14, but the deed was not filed until Aug. 2.

Tampa Bay's apartment market, which has been white hot for the last decade, is starting to cool as interest and insurance rates rise.