Preferred Apartment Communities Picks New-Build Near Brandon
- Jan 25, 2016
Tampa, Fla.—Preferred Apartment Communities (PAC) acquired Crosstown Walk, a newly-constructed 342-unit Class A multifamily community in Tampa, through a wholly-owned subsidiary.
The gated community is located at 10151 Iris Crosstown Drive and features community amenities such as a wellness center with spa, aerobic room with strength training and cardio areas, executive business center with private conference space, clubhouse, picnic areas with grills, dog park, resort-style pool with cabana, car care center and recycling area.
The selection of one-, two- and three-bedroom floor plans ranges from 800 to 1450 square feet, and individual units include gourmet kitchens, washers and dryers, double stainless steel sinks, private patios and separate dining areas. Select units also include breakfast bars, kitchen islands and additional storage space.
PAC financed the acquisition utilizing a first mortgage loan from KeyBank National Association for approximately $32.5 million, which has a maturity date of February 1, 2023, a fixed interest rate of 3.90 percent per annum, and will amortize based on a 30-year amortization. KeyBank intends to assign this loan to Fannie Mae within 60 days of closing.
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