Berkadia Brokers Sale of 2 FL Properties for $48M
The two properties include Twenty 35, a 200-unit property in Safety Harbor and The Park at Windsor, a 224-unit community in Northeast Tampa.
By Evelyn Jozsa
Berkadia has arranged the sale of two properties, for a combined price of $47.5 million. Blue Roc Premier Properties LLC has acquired Twenty 35, a 200-unit garden-style community, in Safety Harbor, Fla., for $21 million. Berkadia worked on behalf of the seller, Covenant Capital Group LLC. The firm has also completed the off-market sale of The Park at Windsor, a 224-unit building in Tampa. Blue Roc Premier Properties LLC sold the apartment community to Redwood Capital Group for $26.5 million.
Twenty 35, at 2035 Phillippe Parkway, is located 10 miles from Clearwater, Fla., and 20 miles from Tampa. Built in 1970, the property comprises a mix of one- and two-bedroom units designed with granite countertops, stainless steel appliances and walk-in closets. Community amenities include a 24-hour fitness center, a picnic area, a courtyard and gated entry.
Situated at 4949 Marbrisa Drive in Northeast Tampa, The Park at Windsor offers many dining and shopping options. Westfield Citrus Park shopping center is approximately seven minutes away from the property. Constructed in 1984, the building features one- and two-bedroom apartments with fully equipped kitchens, balconies or patios and designer finishes. The communal area amenities include a clubhouse, a fitness center, a pool, a barbecue area and a laundry center.
“Both acquisitions represented an opportunity for the new buyer to leverage off recent capital improvements to the property, while continuing value-add improvements,” said Jason Stanton, senior director at Berkadia, in prepared remarks. The firm has also recently arranged the sale of a 593-unit multifamily portfolio in Jacksonville, Fla.
Images courtesy of Yardi Matrix