Arbors at Carrollwood represents TruAmerica’s 11th investment in the Tampa MSA. Arbors at Carrollwood benefits from a prime location within 3 miles of the Veteran's Expressway and I-275, which provide direct access to major employment centers, such as the Westford Business District and Downtown Tampa, providing 120k and 42k jobs, respectively. Additionally, the property is within 15 minutes of the Tampa International Airport and the University of South Florida. Arbors' tenancy benefits from direct access to over 9.5M square feet of retail, including Whole Foods (adjacent to the property), Publix, Target, Nordstrom, and Christian Dior. Finally, Arbor's residents benefit from the prestigious A-rated Carrollwood schools, the primary catalyst for the affluent demographics. The average household income within 3 miles of the property is $102k.
Economic fundamentals in Tampa remain strong. The Tampa MSA has remained one of the top MSAs in the nation, generating record high job growth over the past year. Additionally, Tampa’s population grew by 33% since 2010 and is projected to grow an additional 6.1% through 2026, doubling the national average projection of 2.9%. The strong job growth and population growth in the MSA are driving high occupancy rates and healthy rent growth.
The 325-unit property was built in 2001, and consists of 1-, 2-, and 3-bedroom floor plans, including several loft-style homes. The 325 apartment homes acquired are fully renovated with quartz or granite countertops, vinyl plank flooring, as well as updated cabinetry and fixtures. The property boasts the best amenity package in the submarket, with newly renovated pool area, fitness center, clubroom, hammock garden, and pet spa.