South Tampa’s Edge at 1702 apartment complex has sold for $70 million, marking a sharp decline from its $115 million valuation in 2022. The 259-unit property has changed hands three times in four years, reflecting broader pressure on Tampa-area multifamily assets from high insurance costs, weaker rents, increased supply and expensive debt.
Key takeaways
- Edge at 1702 sold for $70 million, or about $270,270 per unit.
- The price is $45 million below the property’s 2022 peak sale value.
- The buyer is tied to New York Life Insurance Co. and assumed roughly $45.5 million in existing debt.
- The transaction is part of a wider reset across Hillsborough County’s apartment market.
The sale represents the second major markdown for the community in two years. Hyde Park WF Harmony LLC purchased Edge at 1702 for $83 million in 2024 before selling it to REEP-MF Hadley Hyde Pk FL LLC, an entity connected to New York Life Insurance Co.
A dramatic change in value
Located at 1702 W. Cleveland St. near South Howard Avenue and roughly 1.5 miles from Hyde Park Village, Edge at 1702 was built between 2015 and 2016 as Bleecker Hyde Park. The community includes two five-story residential buildings and a 458-space parking garage.
The property’s value has fluctuated significantly:
- 2017: Sold for $64.5 million, or approximately $249,035 per unit.
- 2022: Sold for $115 million, or about $444,015 per unit.
- 2024: Sold for $83 million.
- 2026: Sold for $70 million, or approximately $270,270 per unit.
The latest buyer assumed about $45.5 million in debt associated with the property. The loan originated at approximately $47.6 million in 2024, illustrating how financing terms have become central to apartment transactions as owners confront refinancing risk.
Location remains a major asset
Edge at 1702 is located in a highly sought-after South Tampa neighborhood, with access to schools that are among the area’s strongest performers. Zillow ratings cited in the report list Mitchell Elementary and Wilson Middle School at 9 out of 10, while Plant High School is rated 8 out of 10.
That location may help support long-term demand, even as landlords contend with softer rents and greater operating expenses. However, strong neighborhood fundamentals have not insulated the property from broader market repricing.
Tampa multifamily market faces mounting pressure
The sale follows other transactions showing that apartment values across the Tampa region have moved substantially below their 2022 peaks. In North Hyde Park, the 251-unit NíCHE complex recently sold for $57 million, or roughly $227,091 per unit. A large Brandon community also traded at nearly half its 2022 peak value.
Debt stress is becoming more visible as well. The 242-unit Wave complex in North Tampa defaulted on a $26 million mortgage and faces foreclosure proceedings, highlighting the challenges for owners whose loans were arranged when property prices and rents were much higher.
Why apartment prices are falling
Florida’s apartment owners are facing annual insurance costs of approximately $3,000 to $5,000 per unit, according to industry research cited in the report. At the same time, Tampa rents declined 0.8% monthly in early 2026 as new apartment deliveries expanded supply.
Stabilized occupancy across Tampa Bay multifamily properties fell to 92.7% in the second quarter of 2025, a decade low, although Downtown Tampa performed better at 94.3%. Rising construction and labor costs have further complicated valuations, creating a market where replacement costs remain high while income growth and resale prices weaken.
Whether Edge at 1702’s assumed-debt structure helps stabilize its value or additional loan maturities produce more discounted sales will be an important test for Hillsborough County’s apartment market.