Edge at 1702, a 259-unit apartment community in South Tampa, has sold for $70 million in its third ownership transfer in four years. The transaction reflects a sharp reset in the property’s valuation, with the complex selling for $45 million less than it did at its 2022 peak amid shifting conditions in the multifamily investment market.
Key takeaways
The deal highlights the changing economics of South Tampa’s apartment sector and the continued role of institutional financing in major property transactions.
- Edge at 1702 sold for $70 million.
- The property last traded for $83 million in 2024.
- Its 2022 sale price was $115 million.
- The buyer assumed approximately $45.5 million in existing debt.
- The complex contains 259 units and a 458-space parking garage.
Buyer and transaction details
REEP-MF Hadley Hyde PK FL LLC acquired the property at 1702 W. Cleveland St. from Hyde Park WF Harmony LLC. The buyer is tied to New York Life Insurance Co., adding an institutional presence to the latest ownership change.
As part of the acquisition, the buyer assumed roughly $45.5 million in debt. The financing originally totaled about $47.6 million when the property changed hands in 2024, allowing much of the existing loan structure to remain in place through the latest sale.
A steep decline from the 2022 peak
The $70 million transaction represents a significant decline from the property’s previous sale prices. Edge at 1702 sold for $115 million in 2022 before changing hands for $83 million in 2024.
Across those transactions, the property’s price has fallen by $45 million, or nearly 39%, from its 2022 peak. The successive repricing illustrates how higher borrowing costs, investor underwriting changes and broader multifamily market conditions can affect apartment valuations, even in desirable urban neighborhoods.
Property and location
Built in 2015 and 2016, Edge at 1702 consists of two five-story residential buildings and a 458-space parking garage. The community is located near South Howard Avenue, approximately 1.5 miles from Hyde Park Village.
Its South Tampa location places the complex near major retail, dining and employment corridors. Those amenities can support long-term renter demand, while the property’s relatively recent construction may reduce near-term capital needs compared with older apartment communities.
What the sale signals
The transaction underscores both the durability and volatility of South Tampa’s multifamily investment market. While the property continues to attract institutional buyers, its declining sale price shows that location alone has not insulated apartment assets from changing financial conditions.
The assumption of existing debt also points to the importance of financing structure in today’s investment transactions. Preserving favorable or already-established loan terms can help buyers complete acquisitions despite elevated capital costs and lower property valuations.
- South Tampa Apartment Complex Sells for $70 Million, Tampa Bay Business and Wealth.