PAC Expands Tampa Luxury Portfolio

The purchase of Overlook at Crosstown Walk was subject to a $22.2 million Fannie Mae loan. The property represents the second and final phase of Crosstown Walk, which the company acquired last year.

10151 Iris Crosstown Drive, Tampa, Fla.
10151 Iris Crosstown Drive, Tampa, Fla.

Preferred Apartment Communities added a 180-unit Tampa, Fla., luxury community to its portfolio.

The company financed the acquisition of Overlook at Crosstown Walk using a $22.2 million non-recourse, first mortgage Fannie Mae loan. Berkadia Commercial originated the loan which bears a fixed interest rate of 3.95 percent per year, matures in seven years and features a 30-year amortization schedule. The property represents the second and final phase of Crosstown Walk, which PAC acquired last year. This year, PAC also purchased another Tampa-area luxury community: Luxe Lakewood Ranch.

Overlook at Crosstown Walk is located at 10151 Iris Crosstown Drive, off Interstate 75. It was completed in 2016 and was 94 percent occupied in October 2017, according to Yardi Matrix data. The community offers one- and two-bedroom units which can be rented at an average price of $1,404. Apartments feature private patios, nine-foot ceilings and gourmet kitchens among other functional characteristics. Common area amenities include:

  • a fitness center and spa
  • business center with private conference space
  • aerobic room
  • picnic areas with grills
  • resort-style pool with cabana
  • grilling area and fireplace seating
  • covered car care center
  • garage space

Image courtesy of Yardi Matrix