Tampa Bay Area Multifamily Snapshot

cbre.com/invtampabaymultifamily

2nd Quarter 2014

Economic Snapshot, Quarter 2, 2014

:: The Tampa Bay Areas economy is the ninth fastest growing
among the top 100 metro area - Tampa Bay Times
:: Tampa Bays economy is $125.7 billion, which is the 24th
largest among all metro areas - Tampa Bay Times
:: 2014 is expected to increase its economic output by 3.6% to
$131.7 billion - Tampa Bay Business Journal
:: The Tampa Bay Area added 30,900 jobs between April 2013
and April 2014 - Governor Rick Scott
:: The unemployment rate fell 1.3 percentage points from 7.2%
to 5.9% between April 2013 and April 2014
- Governor Rick Scott
:: Payroll growth in the Tampa Bay area was a full percentage
point above the national average in 2014
- The PNC Financial Services Group

Apartment Transactions, 2010 - 2013

Sales Volume, Millions
1400

1294

1200

1275

1045

Inventory (Units)
Vacancy Rates (Avg. %)
New Construction (Units)
Absorption (Units)

2011

2012

2013

217,359
7.2
1,207
2,371

219,170
6.1
1,811
3,498

223,130
5.6
3,960
4,826

2014
Forecast
228,044
5.9
4,914
2,883

2015
Forcast
234,619
6.8
6,575
4,285

CBRE Econometric Advisors 2Q14 Outlook

Cap Rates as of June 2014

Infill/Urban
Suburban

Class A
4.50-5.00%
5.00-5.50%

Class B
5.25-5.75%
5.75-6.25%

Class C
6.50-7.00%
7.00-7.50%

Tampa Bay Area in the Media

:: The Tampa Bay area encompasses Hernando, Hillsborough, Manatee,
Pasco, Pinellas, Polk and Sarasota Counties
:: With more than 2.7 million residents, the Tampa Bay MSA ranks
second in population in Florida
:: Named one of Americas Best Cities
Bloomberg Businessweek
:: Among the Florida metros, Tampa is performing among the best, if
not the best Brookings

1000
800

Market Performance

731

600

:: Top 10 American Cities for Job Growth Business Insiders

400
200

:: 2nd Best City for Young Entrepreneurs Forbes

0
2010

2011

2012

2013

:: One of the best American cities to do business in KPMG

Properties Sold
80

:: One of the Top 20 Best Cities to Live Livability

75

70

70

63

60
47

50
40
30
20
10
0

2010

2011

2012

2013

Units Sold
18000

16383

17021

2011

2012

16000

15375

14000
12000

10820

10000
8000
6000
4000
2000
0
2010

2013

Data provided by Real Capital Analytics, properties of $2.5 million

or greater

:: Penske Truck Rentals has found Tampa to be the Second Most Popular
Moving Destination

CBRE | Multifamily | Tampa Bay Area

2nd Quarter 2014

Key Sales of 2014

Name
Beacon Isles
Tampa, FL
Snell Isle
St. Petersburg, FL
Saratoga
Sarasota, FL
Tuscany Bay
Tampa, FL
PierHouse
Tampa, FL
West Park Village
Tampa, FL

Local Contacts
Units

Sale Date

Sale Price

484

January 2014

29,873,800

272

June 2014

32,500,000

248

January 2014

34,500,000

370

January 2014

44,554,000

356

February 2014

76,500,000

617

May 2014

Investment Properties
::

John Selby
Senior Vice President
+1 813 273 8413
john.selby@cbre.com

::

Sean Williams
Senior Vice President
+1 813 273 9410
sean.d.williams@cbre.com

$ 122,500,000

Debt & Structured Finance

Case Studies
Turnbury Park at Palm Aire
Location: Sarasota, Florida
Number of Units: 286
Year Built: 1988

::

Robert Kadoori
Senior Vice President
+1 404 812 5067
robert.kadoor@cbre.com

:: Ideal Value Add-on opportunity

:: Located less than two miles from The Mall at
University Towne Center, which is projected to be
completed in 2016 and bring 2,000 jobs to the area
:: Also two miles away is Nathan Benderson Park, a
national rowing facility which will host numerous rowing
championships
:: The Sarasota Market continues to outperform regional
and national markets

CBRE - Tampa Ofce

101 E. Kennedy Boulevard
Suite 1500
Tampa, Florida 33602
+1 813 229 3111 T
+1 813 223 7144 F
cbre.com/invtampabaymultifamily

Snell Isle
Location: St. Petersburg, Florida
Number of Units: 272
Year Built: 1970
:: Stunning waterfront property
:: Located in one of St. Peterburgs most exclusive
neighborhoods
:: Snell Isle is just minutes from downtown St. Petersburg,
Tropicana Field, Mahaffey Theatre, All Childrens and
Bayfront Medical Center Hospitals, Port of St. Petersburg
and the University of South Florida - St. Pete Campus.
:: The New York Times ranked St. Petersburg as one of its
Top 52 Places to Go in 2014
Copyright 2014 CBRE Information contained herein, including projections, has been obtained from sources believed to be reliable. While we
do not doubt its accuracy, we have not veried it and make no guarantee, warranty or representation about it. It is your responsibility to conrm
independently its accuracy and completeness. This information is presented exclusively for use by CBRE clients and professionals and all rights
to the material are reserved and cannot be reproduced without prior written permission of the CBRE Global Chief Economist.