Cushman & Wakefield introduced that the industrial actual property companies agency has organized the sale of The Park at Ashley Place, a 143-unit multifamily group positioned at 4031 Vista Verde Dr. within the New Port Richey submarket.
Nick Meoli and Mike Donaldson of Cushman & Wakefield represented each the vendor and purchaser within the transaction. The property was bought by Important Road Residential and purchased by an undisclosed purchaser.
“Park at Ashley Place underwent important transformative renovations of roughly $8,000 per unit by earlier possession,” mentioned Meoli, Vice Chairman at Cushman & Wakefield. “With unprecedented inhabitants development the New Port Richey submarket noticed 16.4% lease development in 2021 and is predicted to expertise an extra 21.1% improve in 2022, offering the customer a possibility to recapture the present loss-to-lease and implement lighter scope renovations to be extra aggressive available in the market.”
The Park at Ashley Place was in-built 1986 and was 99% leased on the time of sale. The multifamily group options items averaging 784 sq. toes and advantages from direct entry to State Highway 54, which is minutes from a number of retail middle, main employers and greater than 24 million sq. toes of recent workplace and flex area. Facilities on-site embrace a health middle, canine park, laundry facility, swimming pool with a sundeck, and lined picnic pavilion with BBQ grills.
“Given the sturdy market fundamentals and engaging upside potential, the advertising and marketing exercise was sturdy with 28 provides generated,” added Donaldson, Vice Chairman at Cushman & Wakefield. “The customer is a superb operator within the space and intends to capitalize on New Port Richey’s long-term development.”