A New York investor has written a $36.4 million check for Summit West, a 266-unit apartment community in Temple Terrace, shifting one of UDR’s Tampa-area holdings into private hands in a tax-deferred exchange, according to industry reporting.
Deal details
UDR sold the Summit West community in a transaction CoStar reported at $36.4 million and structured as a 1031 exchange.
Hillsborough County records show the deed was recorded April 1 to an LLC named ARDG @ Summit West, and the buyer financed the purchase with roughly $33.25 million in debt from The Bancorp Bank, N.A., according to reporting in Tampa Bay Business & Wealth.
About the property
Summit West sits near the University of South Florida and contains one- to three-bedroom apartments across 266 units. The community is listed at 11500 Summit West Blvd. on UDR’s property pages and appears in contemporary rental listings. See the property page on UDR and local listings such as Rentable for floor plans and unit counts.
Local market context
Tampa Bay has continued to draw institutional buyers even as deliveries and submarket dynamics create mixed near-term pressures on rents and vacancy. Regional market briefs and quarterly marketbeats show the metro remains a busy target for multifamily capital while fundamentals vary by neighborhood; see the Q4 2025 Tampa Bay market summary from Cushman & Wakefield for recent metrics…