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Preserve at Deer Park
Lutz, FL 33559

Acquired

9/7/2006

Location

Preserve at Deer Park is located in Lutz, FL, on the border of the USF and New Tampa submarkets. Lutz is its own town, but is considered to be part of the Tampa MSA. The property sits on Livingston Avenue, approximately 1 mile east of I-275 and north of the intersection between Bearss Ave. and Bruce B. Downs Blvd., the primary north-south thoroughfare for northeast Tampa.

Description

The Preserve at Deer Park is a 448-unit, garden-style apartment community constructed in two phases in 1987 and 1991. Located on the western edge of the New Tampa submarket, near the University of South Florida, New Boston acquired this property with partner BH Equities. The improvements are located on a 24.5 acre site that provides surface parking for 697 vehicles. The units are located in 45 2-3 story walk-up buildings with facades consisting of stucco over masonry with wood trim. Property amenities include two clubhouses, two outdoor swimming pools, two tennis courts, two racquetball courts, a fitness center, a business center, a playground, and a pet run. All units have a patio or balcony and washers and dryers, and building exteriors have been recently renovated.

Investment Rationale

Fully leased apartment property at acquisition
Value-add potential through an interior upgrade program
Located in one of the fastest growing submarkets in the Tampa MSA
Close proximity to two major highways, I-275 and I-75



Fund Ownership

VI

Map

For more information regarding properties for sale, please email us at sales@newbostonfund.com or call 1.866.DIAL.NBF