PAC Snags Tampa-Area Luxury Property

The purchase of the newly built 280-unit community was financed through a first mortgage loan from Fannie Mae, originated by Berkadia Commercial Mortgage LLC.

By Jeffrey Steele

Luxe Lakewood Ranch in Bradenton, Fla.

Luxe Lakewood Ranch in Bradenton, Fla.

Preferred Apartment Communities Inc. (PAC) has acquired Luxe Lakewood Ranch, a Bradenton, Fla., multifamily community built last year. PAC acquired the 280-unit, Class A residential property through a wholly owned subsidiary. The company financed the acquisition using a $39.3 million non-recourse, first-mortgage loan from Fannie Mae. Berkadia Commercial Mortgage LLC originated the loan.

The first-mortgage loan bears a fixed interest rate of 3.93 percent per year, maturing in August 2027 and a 30-year amortization. Neither PAC nor its operating partnership provided any loan guarantees.

This acquisition demonstrates our continued focus to lower the average age of our premier Class A multifamily community portfolio,” John Williams, PAC chairman & CEO, said in a prepared statement. “Luxe Lakewood Ranch is ideally suited in a superb master-planned community with immediate access to jobs, restaurants, shopping and recreational areas.”

Life on the ranch

Located at 13700 Luxe Ave., within the upscale Lakewood Ranch district, the property features one-, two- and three-bedroom apartment homes. Amenities include a resort-style, salt-water swimming pool, sprawling clubhouse, fitness center, business center, billiards room and dog park. Sophisticated and modern residences offer central air conditioning, patios or balconies, and select units feature garages. Some of the facilities and finishes available to renters include bay windows, breakfast bars, walk-in closets, built-in desks and in-unit washer-dryers.

Residents benefit from quick, easy access to State Road 70 and Interstate 75. Area attractions located nearby include Nathan Benderson Park, the new Mall at University Town Center, Greenbrook Park, Greenbrook Adventure Park, Rosedale Golf and Country Club, the Ritz-Carlton Members Golf Course, Keiser University, Bradenton College and the State College of Florida. 

Image courtesy of Yardi Matrix

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