Lakefront Community Sails to Avesta

An entity affiliated with Avesta purchased the 319-unit Mainsail South Residences in a transaction completed by Berkadia.
Mainsail South Residences

Mainsail South Residences

Avesta Acquisition LLC, an affiliate of local real estate company Avesta, recently purchased the 319-unit Mainsail South Residences in South Tampa. Berkadia negotiated the sale and arranged acquisition financing for the residential community, which was 95 percent occupied at the time of sale. The sellers were Mainsail Villas II, LLC and Mainsail Villas Holdings LLC.

Built in 1984, the multifamily property is located at 4711 S. Himes Ave., near Gandy Boulevard, Gandy Expressway and Dale Mabry Highway. According to real estate data provider Yardi Matrix, the property includes one-bedroom and two-bedroom/two-bath apartments available in eight different layouts—ranging in size from 480 to 1,064 square feet and including fully equipped kitchens, washer and dryer units, and patios or balconies. Common-space amenities include a swimming pool with sun deck, jacuzzi, laundry facility, business center, clubhouse and a recreation room. Residents also have access to a waterfront trail near a community lake, via a pedestrian bridge. Avesta plans an interior and exterior renovation of all units, as well as upgrades of the common areas.

Senior Director Jason Stanton of Berkadia’s Tampa office completed the transaction in early September, joined by Managing Director Cole Whitaker and Senior Director Hal Warren of the Orlando office. Associate Director Justin Ownby of the Tampa office also negotiated a $25 million acquisition loan through Berkadia’s Fannie Mae Program. The 10-year loan features a 2.56 percent floating interest rate and a 30-year amortization schedule.

Image via Yardi Matrix