BlueGate Partners has been retained to arrange for the sale of Madison Oaks, a 250-unit garden apartment community in Palm Harbor, one of the top-performing submarkets of the dynamic Tampa Bay MSA. Madison Oaks, built in 1988, represents an excellent opportunity to acquire a stabilized, well-maintained asset with proven value-add upside potential. The new owner will have the opportunity to increase rents by expanding upon an already proven value-add interior renovation program and capitalize on the dynamic performance trends throughout the submarket.
Madison Oaks features 250 units with a large average unit size of 1,063 square feet in well-designed floor plans, with one- or two-bedroom flats as well as two-story townhomes. With some of the largest floor plans in the submarket and its strategic location directly on Tampa Road, Madison Oaks offers competitive leasing advantages over even newer assets in the market. The property offers a highly competitive community amenity package including a clubhouse with catering kitchen, newly renovated 24-hour fitness center, off-leash dog park, resort-style heated swimming pool with large sundeck, lighted tennis courts, lighted basketball/sport court, picnic area with new barbecue grill and smoker, courtyard gazebo, valet trash pickup, car care center and gorgeous, mature landscaping with abundant oak trees.