BH Equities Sells Tampa Community for $58M

The new owner landed a 15-year $40.6 million Fannie Mae acquisition loan.

The Standard at 2690. Image via Google Street View

BH Equities has sold The Standard at 2690, a 456-unit apartment community in Clearwater, Fla., for $57.6 million to Infinity BH. The company financed the purchase with a $40.6 million Fannie Mae loan.

Greystone originated the note, which matures in 2036, according to Yardi Matrix data. The property last changed hands in April 2016, when Electra America sold it for $35.6 million.

Located on 20 acres at 2690 Drew St., the multifamily property encompasses 11 buildings completed in 1973. The unit mix has one- to three-bedroom apartments ranging between 720 and 1,229 square feet. The amenity package features a swimming pool, a fitness studio, a business center, a tennis court and three laundry facilities. Situated close to U.S. Route 19, the community is a short distance from the Clearwater Mall. Additionally, the property is 5 miles east of downtown Clearwater and 19 miles west of downtown Tampa.

The Berkadia debt placement team that represented the new owner included Managing Director Jason Stanton and Senior Managing Director Cole Whitaker.

Last year, BH Equities secured a $49.6 million Freddie Mac loan to refinance The Oaks of Woodland Park, a 404-unit community in Tampa, Fla. Walker & Dunlop originated the 10-year note.

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