Berkadia Brokers Sale of Two Tampa Bay Properties

The company secured a Freddie Mac financing package for the buyer, American Residential Investment Management.
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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