Riverview apartments sell for $98 million
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Sep 19, 2022

A Riverview apartment complex has sold to a publicly traded real estate investment trust for $98 million.

The Enclave at Tranquility Lakes sold to Philadelphia-based Independence Realty Trust on Sept. 13, according to Hillsborough County property records. The complex was built in 2016; at 348 units, the purchase price breaks down to $281,609 per apartment.

That level of pricing per unit was once reserved for luxury multifamily properties in Tampa's urban core. But demand for residential units in the Tampa Bay area has skyrocketed, driving up rents and investor demand for properties.

The seller, a corporate entity linked to Colorado-based Valhalla Holdings, paid $48.75 million for the property shortly after it was built in 2016, according to Hillsborough County property records.