Raintree Park

Colliers is pleased to present Raintree Park, a 116 unit garden-style community with strategic value-add upside located minutes from large employers clustered along the I-75 corridor and around the University of South Florida.  Built in 1983 and with numerous recent improvements under the current ownership, Raintree Park offers multiple paths to add value.  All 116 units are 2 bedroom, one bath and offer a variation of ceramic tile floors, laminate and/or granite countertops, modern stainless or black appliances, white or oak wood cabinets and modern light, fan, plumbing fixtures throughout.  In addition, numerous units also have washer/dryer connections and select units have stackable appliances in-place.  Target renovations including a more consistent finish with cabinet matching granite or quartz countertops, new LVT hardwood-style floor coverings, subway tile backsplash, and washer/dryer appliances would drive rental premiums to narrow the current $309/unit rent delta with nearby competitors.

Raintree Park Apartments has a strong location just minutes from major employment centers, including Downtown Tampa, Tampa Heights, Westshore Business District, and the nearly completed Midtown Tampa Development. The location has experienced rapid growth in the last two years. Notable developments include Amazon’s new $170 million fulfillment center, Moffitt Cancer Center’s $400 million expansion, Advent Health’s  536-bed expansion facility, James A. Haley Veterans’ Hospital 415-bed expansion facility, Yuengling Brewing Company Hotel and hospitality extension, University of South Florida’s new on-campus buildings, and RITHM at Uptown, a 100-acre mixed-use innovation community encompassing 7 million sq. ft. Other existing destinations in the District include the University of South Florida, Busch Gardens Tampa Bay, and Pepsi Co.

​​​​​​​Average in-place rents of $1.79 per square foot are expected to organically grow with the broader submarket at 3% annually between 2027 - 2030.  New ownership can continue rehabbing units to provide more consistency across the community with the option of maintaining the same level of finish or moving to a higher level to push topline rents further as the market recovers.