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Whitestone Capital acquires West River Flats from Urban Core Holdings LLC

In the middle of the 2020 Covid-19 Pandemic, we were happy to have had a successful purchase of the West River Flats apartment complex and make headlines as “Tampa investors sell off West River Flats for more than $22 million.” A big congratulations to everyone involved as Bizjournals called it a “near-record for a 1960s-built apartment community” and that it “speaks to the transformation of West Tampa.”

We acquired West River Flats from “Urban Core Holdings LLC”, a Tampa-based investment firm specializing in properties in and around the downtown area. The 135-unit complex is a popular housing option for University of Tampa students.

When Urban Core Holdings first toured the West River Flats property, it was in severe disrepair, with some of the apartments containing raw sewage, and the roofs in a state of disrepair. Despite the issues, principal Omar Garcia recognized the property’s potential and purchased it for $3.55 million in December 2014, at a price per unit of $26,000.

The recent sales price of $22.16 million breaks down to $164,185 per unit, reflecting a significant increase in value following a full renovation completed by the investors.

The renovated complex now features one-, two-, and three-bedroom units, a swimming pool, oversized pool deck, fenced dog park, and large courtyards. Urban Core Holdings made the purchase in part because of the City of Tampa’s InVision plan for the West River area, which included the redevelopment of Julian Lane park, the expansion of the Riverwalk, and other riverfront areas close to Tampa’s downtown, making West River Flats a prime location for developing their vision of urban core living at an affordable price.

We hope to continue to expand and improve on Hillsborough County’s major city of Tampa. Thank you to everyone who contributed in making this sale possible. Please click here, if you’re interested in reading the full article on the sale.

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