Exclusive: North Hyde Park apartment building sold for $57M
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Sep 11, 2014

NoHo Flats, an apartment complex in North Hyde Park, has been sold for $57.25 million.

Atlanta-based Invesco Ltd. paid $184,084 per unit for the 311-unit apartment complex, said Nicholas Husak, a director with Engler Financial Group LLC in Tampa.

Husak represented the seller, Atlanta-based Pollack Shores Real Estate Group, in the transaction. Husak took the property to market 90 days ago and said there was "a lot of institutional interest.”

"The multifamily investment market generally recognizes the Hyde Park location as highly desirable,” Husak said Thursday. "They recognize there's pent-up demand in and around Hyde Park and so that continues to drive interest there.”

NoHo Flats, which is north of Kennedy Boulevard along North Rome Avenue, wrapped up construction this summer and is between 70 percent and 80 percent occupied, Husak said.

"The buyer was attracted to the deal for the same reasons residents are attracted to it,” Husak said. "It's a transition neighborhood, from industrial to residential, that attracted the buyer. They just think as the neighborhood continues to transition from industrial to other uses it will only get more desirable.”

The building's garden-style setup was also enticing, Husak said, because it's difficult to replicate in an urban neighborhood.

"With garden-styles, your operating costs are significantly lower and rental rates are driven by location,” Husak said. "So the bottom line is more revenue to the investor with lower operating costs.”

Ashley Gurbal Kritzer is a reporter for the Tampa Bay Business Journal.