Marcus & Millichap Sells Amenity-Rich Residential Community for $22M
- May 17, 2016
Federal Capital Partners represented the buyer, while Cagan Management Group represented the seller in the $22.43 million transaction. The sale price equated to $69,228 per unit, or $67.45 per square foot. Vice Presidents of Investments Nicholas Meoli and Michael Donaldson, both located in Marcus & Millichap’s Tampa office, represented the seller and procured the buyer.
“We generated a significant amount of national and international investor interest by utilizing our market expertise and leveraging Marcus & Millichap’s collaborative platform,” said Meoli. “Additionally, our ability to underwrite a comprehensive value-add financial model, including future capital expenditures, allowed investors to see the asset’s true value in today’s marketplace.”
“Our extensive marketing campaign ultimately resulted with a very well-qualified buyer assuming an agency loan at 62 percent loan-to-value,” added Donaldson. Federal Capital Partners assumed the CMBS $14 million loan, which was placed in 2014 with a 10-year maturity date ending in 2024.
Built in 1974, Belara Lakes includes 18 three-story buildings, with a mixture of one-, two- and three-bedroom apartments averaging 1,026 square feet and $811 monthly rent, according to Yardi Matrix. Unit amenities include vinyl wood flooring, fully-equipped kitchens, walk-in closets and storage space. Select residences also feature large private balconies, fenced-in backyards and washer and dryer connections. Community amenities include controlled-access entry, 925 parking spaces, laundry facilities, onsite leasing office, clubhouse, fitness center, spa, two swimming pools, car care center, playground and running track.
The apartment community sits on 13.60 acres at 8402 North Waterford Ave., between North Dale Mabry Highway and Interstate 275. Situated just six miles away from downtown Tampa, the community is in close proximity to the city’s theme parks, major retail options, and employment and entertainment destinations.
Photos courtesy of Yardi Matrix and Belara Lakes.