Inland Real Estate bought Laurel Oaks Apartments, a 192-unit community in Tampa, Florida, for $22.1m. Changing hands for just over $115,100 per unit, the property is situated off Freeway 301 and Interstate 175. Built in 1986, the 24-building property underwent interior and exterior renovations in 2016 and 2017 by the seller, Carroll Organization. Communal amenities include a clubhouse and fitness center, a sand volleyball court, swimming pool and dog park.
“Laurel Oaks Apartments was an attractive acquisition opportunity because of the need it fills for the community of more than 162,000 residents within a five-mile radius,” said Matthew Tice, senior vice president of acquisitions at Inland Real Estate. “Offering modest rental rates compared to the surrounding apartment communities, the property’s value-add upgrades and sought-after community amenities offer an affordable workforce housing solution for the variety of employees in the area.”
