Aerial view of the hotel complex.
  • Odessa
  • Florida
  • USA
  • Residential
  • March 2021

Pier 8 at The Preserve

A luxury apartment community in suburban Tampa.

Illuminated hotel complex with swimming pool.

View of the kitchenette with the living room.

About the property

Pier 8 at The Preserve, is a Class A multifamily property in the Tampa suburb of Odessa, Florida owned by one of LaSalle’s custom accounts clients. Pier 8 at The Preserve features luxury unit finishes including stainless-steel appliances, quartz countertops, in-unit washers and dryers, walk-in closets and programmable thermostats. The community’s amenity package includes a pool, a fitness center, a yoga/wellness lounge, spa lounge, movie theater, wine tasing room and walking trails around the adjacent lake.

Investment rationale

Located in the Tampa suburb of Odessa, Pier 8 at The Preserve provides residents excellent mobility via Highways FL-54 and FL-589, allowing convenient access to the majority of the Tampa MSA. It also provides access to walkable retail amenities such grocery stores and pharmacies, as well as other retail and dining facilities.

LaSalle’s Research and Strategy rates Tampa an “overweight” target market for multifamily due to its excellent rent growth, which exceeded the national average by 5.6% as of March 2021, and its low vacancy of just 4.0% for stabilized multifamily properties. The greater Tampa area’s population and economic growth are projected to remain strong for some time to come.

The investment management team for the custom accounts client believes that the property’s desirable location in a highly sought-after area of a community with strong growth potential, will make it a strong and reliable income-producing asset for many years to come.

Building with a plenty of neons

Pier 8 at The Preserve is a LaSalle custom account property

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Important information

The assets presented are meant for illustrative purposes only, are subject to change without notice and are not meant as a projection or estimate of the nature of any future investments to be made by the Fund or returns on any such investments. This information has been prepared by LaSalle in order to illustrate the type of assets held and/or transactions completed by the Fund; transactions for properties exhibiting the same or similar characteristics may not be available or profitable in the future.