Oasis at Ballast Point; a 135-unit apartment in South Tampa
February 16, 2022
Closed! Oasis at Ballast Point – 135-unit apartment in South Tampa, the fastest-growing rental market in the nation.
We and our property management team have taken over the asset and executed our value-add strategy to improve the asset and to increase its value.
We would like to thank our loyal investment partners, our lenders, brokerage, legal team, and GP partners for the opportunity to acquire this wonderful stabilized asset in the fastest growing rental submarket Ballast Point in Tampa, itself the fastest-growing housing market in the nation.
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[…] On Sale: Oasis at Clearwater (76 units)Skytian’s first investment in Florida is on the market for sale. Last February, Skytian and partners acquired 44-door Hudson Place and merged it with adjacent 32-unit Laurel Park and rebranded it as 76-door Oasis at Clearwater. Our team improved rents above the market average (25%), repositioned product and strategically rehabbed units and reduced costs – greatly improving NOI. To learn how we added value to the property please click here. After deep analysis, we have decided the best way to maximize investor returns is a sale vs a cash-out refinance. The listing is active with 15 offers and expected to close in April. The projected sale price based on current offers are quite “staggering.” More as this develops in next newsletter.Acquired: Oasis at Ballast Point (135 units) Last month, Skytian co-led our 4th acquisition in Florida in just 12 months – our largest to date – the 135-unit $23.3m Oasis at Ballast Point. Like Oasis at Clearwater, OBP is the “Ugly Duckling” in one of the fastest gentrifying areas in the nation – with rents rocketing 30.6% year-on-year in that submarket. Our team has started to execute our value-add business plan with the property management company. To learn more about OBP please click here. […]