276 Units — Tampa
Solis at Ballast Point
Year built: 1988
Location: Tampa, Florida
Acquired: August 2018
Purchase price: $40 million
Equity invested: $14 million
CapEx budget: $2.4 million
In the News
IMG acquired Solis at Ballast Point in August 2018. In the first two years of ownership, IMG increased NOI at 19% annually by executing a ‘value-add’ business plan to renovate the property and improve operations.
In August 2020, IMG successfully directed the refinance of Solis, generating $2.9 million in proceeds or 21% of original investor capital.
Refinance proceeds provided a return of capital to investors and funding for continuing capital improvements. The new loan not only generated cash-out proceeds but provides for lower debt services payments and greater cash flow.
South Tampa is highly desirable from an investment perspective, based on forecasted net in-migration and job growth in high-skill, high-wage fields. Solis sits in an “A” submarket among million-dollar estates less than a mile from the famous Bayshore Blvd. The $3 billion Water Street Tampa plan just 6.5 miles from Solis demonstrates the momentum of energy in the city and Tampa’s commitment to development and infrastructure.
Solis at Ballast Point consists of 19 total buildings. The apartment community was originally constructed as a low-density development on 21.5 acres to preserve the mature trees throughout the property, making this a unique property in today’s rapidly developed multifamily market.