The Wave, a 242-unit apartment complex in the North Tampa/Lutz area, is staring down foreclosure after its owner failed to pay off a $26 million mortgage that came due late last year. The potential legal fight puts more than 200 rental homes across 11 low-rise buildings in play, and tenants, neighbors and housing advocates are already watching public records to see whether the property gets sold off or restructured.
Loan comes due, lender moves in
According to the Tampa Bay Business Journal, the complex is tied to a mortgage of about $26 million that matured late last year. The borrower did not pay it off, triggering a default and opening the door for the lender to pursue foreclosure. That same reporting identifies The Wave as a collection of 11 buildings totaling 242 rental units.
Recent sale and where it sits
Public-record summaries indicate the property last changed hands in 2021, with a sales listing dated October 6, 2021, outlined by Compass. Rental listings for The Wave put the address at 14350 North 22nd Street and describe the complex as serving the Cross Fletcher and USF area, as shown on Apartment List.
Another data point in Florida’s foreclosure surge
Florida has already been dealing with a sharp jump in foreclosure filings in 2025, with Tampa repeatedly flagged as one of the metro areas feeling that pressure. statewide foreclosure wave coverage places The Wave’s legal trouble in that broader trend. Reporters and analysts have pointed to rising insurance premiums, escalating assessments and higher borrowing costs as a stressful combination for some property owners and their lenders.
What happens next and what renters should watch
Foreclosure actions typically start with a lis pendens filed in the county’s official records, putting the public on notice that the property is the subject of a lawsuit. The Hillsborough County Clerk details how anyone can search for those filings online or in person.
Under Florida law, many tenants have more protection than they might think. Bona fide leases that were signed before a foreclosure notice usually stay in force even if the building is sold, meaning renters may have the right to stay through the end of their lease. Chapter 83 of the state’s landlord-tenant law is maintained by the Florida Senate and spells out those protections and obligations in detail…