Becovic Management Pays Top Dollar for Tampa Apartments

Preserve at Riverwalk. Image courtesy of JBM Institutional Multifamily Advisors

Hatfield Development has sold the Preserve at Riverwalk Phase 1, a 252-unit community in Bradenton, Fla., for $46.4 million to Becovic Management Group. JBM Institutional Multifamily Advisors represented Hatfield in the transaction.

According to JBM, the buyer was attracted to the community due to its location and desirability. A second phase at the property, not included in the transaction, is currently under construction and slated to close in the first quarter of 2020. Phase 1B will consist of 48 units.

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The Preserve at Riverwalk is located at 360 11^th St. E in an Opportunity Zone, about 26 miles from downtown St. Petersburg, Fla., and about 49 miles from downtown Tampa, Fla. The community consists of seven three-story buildings on nearly 10.5 acres. Units at the property include one-, two- and three-bedroom apartments, with an average size of 1,055 square feet.

Apartment interiors feature granite counter and vanity tops, shaker-style cabinetry, stainless steel appliances, nine-foot ceilings and washers and dryers in-unit. Resident amenities at the community include a clubhouse, 24-hour fitness center, resident lounge, heated swimming pool, fire pit, dog wash facility and dog park.

The Tampa area has been a big draw for multifamily developers and operators in recent months, with more than 7,200 units under construction in the metro as of August. Earlier this year, Becovic Management Group sold Atlantica Apartments, a 100-unit Class B community near Jacksonville, Fla., for $12.6 million.