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12771 Saint James Place Dr. - Tampa, FL 33612
PROPERTY Stats
2008
Placed in Service
154,441
sF
PROPERTY OVERVIEW
La Vista Oaks is a 126-unit affordable housing community located in Tampa, FL. The property is conveniently situated minutes from major retailers including Walmart, Target, and the shops at the University Mall. Numerous restaurants, outdoor recreation, and major transportation arteries are nearby as well. Tampa is home to several institutions of higher education that are easily accessible from the property, including the University of South Florida, which is only 1.5 miles from the property.
The property was originally built between 1981 and 1986 with the property being rehabbed under the Section 42 Low-Income Housing Tax Credit (LIHTC) program and placed in service in 2008. There are existing regulatory agreements in place which require all units to be rented to income qualifying residents earning no more than 33% & 60% of the Area Median Income (AMI) limits, which are provided by the Florida Housing and Finance Corporation.
La Vista Oaks offers one, two, three, and four bedroom apartment homes featuring washer/dryer connections, air conditioning, a full kitchen appliance package, and separate living and dining areas. Community amenities include a swimming pool, playground, fitness center, private gated entry, picnic area, on-site maintenance, and on-site management.
Incredible rental upside going forward as there is 20.73% of embedded growth in the rental limits based on the 2025 HUD Fair Market Rents
The property is operating at a $300+ discount to comparable market rate assets, resulting in very low turnover with a current occupancy rate of above 97%
Potential to assume the existing SAIL Loan, (1% interest rate payable out of cash flow) and the ELI Gap Loan (0% interest rate and forgivable at maturity at the discretion of FHFC)
Tampa is Home to a Number of Institutions of Higher Education, Including the University of South Florida, the University of Tampa, Stetson University College of Law, and Hillsborough Community College
INVESTMENT HIGHLIGHTS
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Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
800 W. Main St.
Suite 1410
Boise, ID 83702
BOISE OFFICE
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Jeff Irish
Senior Managing Director
Affordable Housing
ID License #DB36794
208.286.5013
jeff.irish@berkadia.com
INVESTMENT ADVISORS
Jordan Skyles
Senior Director
Affordable Housing
ID License #SP42885
208.631.4981
jordan.skyles@berkadia.com
Senior Managing Director
Multifamily
FL License #BK3221815
813.217.3419
matt.mitchell@berkadia.com
Matt Mitchell
4890 W. Kennedy Blvd.
Suite 940
Tampa, FL 33609
TAMPA OFFICE
MORTGAGE BANKING
Senior Managing Director
214.360.3849
tim.leonhard@berkadia.com
TIM LEONHARD
Managing Director
504.322.1196
chris.crump@berkadia.com
CHRIS CRUMP
126
UNITS
154,441
Senior Managing Director
Multifamily
FL License #SL693000
727.674.4097
jason.stanton@berkadia.com
Jason Stanton