Edge at 1702, a 259-unit apartment complex in South Tampa, has sold for $70 million, its third change of ownership in four years as the property’s sale price has fallen $45 million from its 2022 peak.
REEP-MF Hadley Hyde PK FL LLC bought the property at 1702 W. Cleveland St. from Hyde Park WF Harmony LLC, which paid $83 million for it in 2024. That sale had already marked a steep decline from the $115 million Edge at 1702 fetched in 2022.
The new buyer is tied to New York Life Insurance Co. and assumed about $45.5 million of debt on the property as part of the acquisition. The loan originated at roughly $47.6 million with the 2024 purchase, allowing most of that financing to remain in place through another ownership change…