Berkadia Brokers Sale of Two Tampa Bay Properties

Villas at City Center (top) and Pinetree Apartments (bottom). Images courtesy of Berkadia

Berkadia has arranged the sale of two garden-style communities in Tampa Bay, Fla., for a combined $31 million. Managing Director Jason Stanton of the company’s Tampa office and Senior Managing Director Cole Whitaker of the Orlando office represented the seller, a private investor. Senior Director Justin Ownby and Managing Director Henry Tanner secured a Freddie Mac financing package for the buyer, American Residential Investment Management.

Villas at City Center, which sold for $15.4 million, is a 128-unit property in Temple Terrace, Fla. Built in 1970, it comprises one- and two-bedroom units, ranging from 950 to 1,200 square feet. Common-area amenities include a swimming pool, playground and laundry facilities. Located at 5518 Terrace Court, on approximately 7 acres, the nine-building asset is within 2 miles of the University of South Florida campus.

Pinetree Apartments, which traded for $15.6 million, came online in 1985 and comprises 110 units. Common-area amenities include a pool, dog park and fitness center. Located in Tampa at 3706 W. Idlewind Ave., the 11-building property is within 8 miles of Villas at City Center. Tampa International Airport is 3 miles from Pinetree.

Ownby noted in a prepared statement that the borrower took advance of the low interest rate environment by financing the two properties with full-leverage 15-year loans. The Freddie Mac financing featured a 3.08 percent all-in rate with multiple years of interest-only payments.

This past March, Whitaker assisted the seller of a 105-unit community in Orange Park, Fla. The asset traded for $10.6 million.

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