Hillsborough County’s real estate market is experiencing a dynamic period, marked by significant transactions and evolving trends. From substantial refinancing deals for apartment communities to the sale of iconic properties and shifts in commercial land use, the county is a hub of activity. Experts are weighing in on the factors influencing housing demand, inventory, and future development, painting a picture of a resilient yet adapting market.
Investor Confidence Fuels Multifamily Refinancing
An investor trio has secured a $56.62 million loan to recapitalize The Easton Riverview, a 300-unit garden-style apartment community in South Hillsborough County. This financing allows the sponsors, a joint venture between Cross Lake Partners, GreenPointe Holdings, and Rivers Residential LLC, to pay off construction loans and gain flexibility for future sales or permanent financing. The Class A multifamily community, built in 2023, features amenities like a pool, fitness center, and EV charging stations, highlighting continued investment in residential rental properties.
Big Cat Rescue Transitions Property for Development
Big Cat Rescue, a sanctuary previously featured in the Netflix series "Tiger King," has sold a significant portion of its Hillsborough County property for $19.5 million to a developer. The sale is part of the organization’s transition, with plans to use the proceeds to support its mission of fighting wild cat extinction and caring for its relocated cats in Arkansas. The sold land is slated for the development of approximately 280 townhomes, with an additional 11 acres expected to be purchased by another developer for 300 apartments.
Commercial Real Estate Activity Across Hillsborough
Hillsborough County has seen several notable commercial real estate transactions. These include the sale of agricultural land for $32.3 million, vacant commercial land for $10.8 million, and another parcel of vacant commercial land for $8 million. These deals indicate ongoing development and investment in various sectors within the county.
Key Takeaways from the State of the Market Event
- Tampa’s real estate market continues to outperform many national metropolitan areas, driven by job growth.
- Rising housing costs are prompting residents to move further from the urban core, increasing commute times.
- Strategic development and increased density are seen as crucial for addressing housing pressures.
- The average single-family home value in Tampa is now over $400,000, with a nearly 23% increase in inventory compared to the previous year.
- Increased inventory and longer market times are creating more opportunities for buyers, potentially leading to price stabilization in some areas.
- Economic uncertainty, particularly concerning trade policy and interest rates, is causing hesitation in decision-making for both buyers and developers.
Upcoming Sales Tax Increase
Residents and businesses in Hillsborough County should be aware of an upcoming sales tax increase scheduled for June 1, 2025. While the specifics of the tax are not detailed here, such changes can impact consumer spending and business operations within the county.
Sources
- Investor Trio Inks $56.6M Refi for Hillsborough County Rental Community, Connect CRE.
- Hillsborough County Sales Tax Set to Increase June 2025, The National Law Review.
- Big Cat Rescue sells large portion of Hillsborough property for $19.5M, FOX 13 Tampa Bay.
- The week’s top commercial real estate transactions in Charlotte, Collier, Hillsborough, Lee, Manatee, Pasco,
Pinellas, Polk, Sarasota, Business Observer. - Experts weigh in on Tampa’s housing market, Bay News 9.