Hanley Place Apts in Tampa sell for $42m

The Hanley Place Apartments, a 400-unit property in Tampa has been sold for $42.2 million to NorthEnd Equities. Located at 7315 W. Hanna Ave., the 42 year old property changed hands for $105,500 per unit. The 15-building community encompasses mix of one, two and three-bedroom apartments, averaging 1,089 square feet. Community amenities include two swimming pools and parking for 1,000 vehicles. Institutional Property Advisors (IPA) brokered the sale on behalf of the seller, Axonic Properties, and procured the buyer. “Hanley Place is a stabilized asset with high historical occupancy,” said Michael Regan, senior managing director at IPA, in prepared remarks. “The property will provide new ownership with in-place cash flow and passive upside.”