JBM Institutional Multifamily Advisors has exclusively listed Progress Village, a Class A multifamily community in Tampa, Florida. The seller is Orlando-based developer, MMI Development.
Progress Village is a 2020-built, Class A, 291-unit, multifamily community. Average unit size is 1,037 square feet, with market rents at $2,102 per month.
The Property sits on 14.43 acres +/- and features five, four-story, elevator serviced residential buildings with controlled access, air conditioned, interior corridors.
The community features a resort-style swimming pool, an expansive sundeck with cabanas and poolside fire pit, a state-of-the-art fitness center, indoor pet wash station, and EV charging stations. The clubhouse has numerous lounge and seating areas, a game room, business center, fresh ground coffee station, and package lockers. The residential buildings are all controlled access with ButterflyMX touch screen security system with mobile video intercom and app connectivity.
These spacious units feature open concept floor plans with luxury faux wood plank flooring in the kitchen, living room, and bathrooms. Chef-inspired kitchens include granite countertops, kitchen islands with breakfast bar and USB outlets, Frigidaire stainless steel appliances, shaker-style espresso cabinetry, and undermount, single-basin sinks with pulldown gooseneck faucets. Each unit includes high speed Wi-Fi and cable package, full size washers and dryers, and a solarium with barn door entries.
Located just half a mile from Interstate 75, Progress Village has exceptional connectivity throughout the region. The Property is just 7 miles from Downtown Tampa, 3 miles to the Westfield Brandon Mall, and just over a mile to the nearest Publix and Starbucks. Less than 6 miles away is Top 100 Hospital – HCA Florida Brandon Hospital, which features a 436-bed facility.
Progress Village features attractive, assumable debt at a 3.47% interest rate with more than 3.5 years of interest-only payments remaining. This allows potential buyers to acquire a Class A, stabilized asset in Tampa at nearly 2% below current market rates.
