Tampa Apartment Property Sells for $57 Million
Horizon Realty has paid $57 million for an apartment property in Tampa. The sale highlights ongoing high-value investment activity in the city's multi-family residential real estate market. This level of investment suggests strong confidence in the local rental market and continued demand for housing.
- The property involved in the $57 million transaction is NíCHE, a six-story, 251-unit apartment community located at 1116 West Carmen Street in North Hyde Park. This sale equates to a price of approximately $227,092 per unit. - The buyer, Horizon Realty Advisors, is a Seattle-based real estate firm, marking another instance of out-of-state investment in Tampa's rental market. The sellers were the property's developers, Wingspan Development Group and ABC Capital Corp. - This acquisition is one of four Florida properties currently operated by Horizon Realty Advisors, which has a portfolio of 53 properties across 15 states. - The sale comes as Tampa's multifamily market navigates a period of high supply. Approximately 12,500 new units were completed in 2024, a record for the area. - Despite the increase in housing stock, Tampa's multifamily market remains active, with a total sales volume of $1.9 billion over the past year. However, the influx of new units has contributed to a higher vacancy rate, which stood at 10.3% in the third quarter of 2025. - For context on the market's pricing, the average price per unit in Tampa during the third quarter of 2025 was $223,000. - The NíCHE apartment community was built in 2024 and is situated near the University of Tampa and the Riverwalk, making it an attractive location for students and downtown workers. - The sellers, Wingspan and ABC, also recently sold another nearby property, the 192-unit Jade at North Hyde Park, for $50.8 million in June 2024, indicating a strategy of developing and then selling assets in the area.
