804 Fairmaiden Ln
Brandon, FL 33511
The Palms At Brandon - Offers Due December 8 · Multifamily Property For Sale · 184 Units

PART OF THE SEVEN PROPERTY TRIPOINTE VALUE-ADD PORTFOLIO, CONTACT LISTING AGENT FOR DETAILS. ALL OFFERS DUE DECEMBER 8th, 2017. The Palms at Brandon, a 184-unit apartment community located in Brandon, Florida. Brandon, Florida is a highly desirable suburb of Tampa, best known for it’s abundant shopping and retail destinations around the Westfield Brandon Mall, its major employment such as the Brandon Regional Hospital and Citigroup and accessibility to major highways Interstate 75, Interstate 4 and the Crosstown Expressway. The property has four spacious one- or two-bedroom floor plans to choose from, with most of the units measuring more than 1,000 square feet. Each unit features a balcony/patio, ceiling fan in the dining room, central air/heating, breakfast bar, and washer and dryer connections in most units. The community boasts resort-style amenities including two swimming pools, two tennis courts, a picnic area with barbeque, two state-of-the-art fitness centers, a sun deck, car care center, and a children’s play area. Palms at Brandon has recently undergone major capital improvements of approximately $590,000. In addition to select unit upgrades in 19 units, renovations have been completed on the clubhouse, leasing office, fitness centers, swimming pools, landscaping, playground, and tennis courts. The entire property has been painted and all of the parking lots resealed and restriped. This property offers qualified investors the rare opportunity to acquire a value-add asset in a highly sought-after rental market. The Brandon area boasts a 95 percent occupancy rate, considerably higher than the national average. Based on competing renovated communities in the area, the unit enhancements detailed in the Value-Add Section have the ability to achieve almost $200 rent premiums through continued renovations. The site has projected a 21 percent return on investment through continued capital improvements. Palms at Brandon has an ideal location near transportation in a dense residential area. The site has convenient access to Brandon Boulevard with approximately 69,000 vehicles per day, as well as I-75, which sees an additional 68,500 vehicles per day. The site is near several major shopping centers like Westfield Brandon and national retailers including Costco, Kohl’s, Walmart Supercenter, Lowe’s Home Improvement, HomeGoods, Sears, Macy’s, and Burlington Coat Factory. The property is near several employment centers, including the 422-bed Brandon Regional Hospital, and has a working population of 189,337 within a 5-mile radius. Within the same 5-mile radius there are 218,721 residents with an average household income of $71,958.