Apartments in Tampa's Hyde Park neighborhood sell at a big loss
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: May 2, 2024

An apartment complex in South Tampa's Hyde Park neighborhood has sold for dramatically less than it did in 2022.

Lumi Hyde Park, which has 259 units, sold for $83 million or $320,463 per unit on April 30, according to Hillsborough County property records. The seller, Dallas-based Conti Capital, paid $115 million or $444,000 per apartment in 2022.

New York-based Greystone was the buyer, according to property records. The sale appears to be a cash transaction as a mortgage has not been filed. Property records show that Conti assumed a $43 million loan on the property when it closed in 2022 and increased the loan amount to $75.4 million.

Lumi was built in 2015 and sold for the first time in 2017, when it traded for $249,150 per key. Monthly rents for a 578-square-foot apartment at the property start at $1,643, according to Apartments.com.

Business influencer Grant Cardone, who purchased a Tarpon Springs complex at a deep discount earlier this year, told the Tampa Bay Business Journal that he expected thousands of multifamily properties to trade for well below replacement cost in the coming year.

“I believe we are in the biggest real estate correction in United States history,” Cardone told the Business Journal in January. “This cycle will not involve the single-family home like 2008 did. It will be all institutions, pension funds and the biggest names in the world that own multifamily that were too aggressive in the last three years. It’s not a real estate crisis; it’s another debt crisis with $2.7 trillion in debt coming due in the next three years; $700 billion in ’24.”