Sabal Palm at Carrollwood represents TruAmerica’s eighth investment in the Tampa MSA and first in Hillsborough County. The property is in the Carrollwood submarket in north Tampa, FL, and benefits from a strong location central to each of the employment centers within the Tampa MSA including Downtown Tampa, the Westshore Business District, the I-75 Corridor, and the Tampa International Airport, home to employers including UPS, AdventHealth, St. Joseph’s Hospital-North, IBM, Amgen, Flexential, and USAA.
TruAmerica plans to renovate 417 of the 432 homes (97%), elevating the finish levels by adding vinyl plank flooring, painting unit interiors, cutting down the bar top, updating cabinetry, and adding quartz countertops with an undermount sink. Furthermore, TruAmerica will install washers and dryers in the remaining 126 units that have connections but do not have machines.
The 432-unit property was built in 1995. The property has been well maintained, allowing most of the capital to be invested into accretive improvements to the apartment interiors. Potential amenity enhancements and upgrades include renovating the clubhouse and fitness center, adding new furnishings at the pool, painting building exteriors, and improving the landscaping around the property.