RADCO Sells Tampa Asset for $43M
- Jun 30, 2020
RADCO Cos. has sold Mabry Manor in Tampa, Fla., to TLR Group for $42.8 million, according to public records. CBRE Capital Markets originated a $34.9 million, 10-year Freddie Mac acquisition loan for the new owner. Recently, the GSE appointed Christian Lown as its executive vice president & CFO.
The 372-unit community last traded in 2016, when Monument Real Estate Services sold the asset for $20.3 million, Yardi Matrix data shows. The acquisition expands TLR Group’s Tampa Bay portfolio, comprising some 2,400 units.
Located at 4902 N. MacDill Ave., the asset is within 1 mile of several major health-care facilities, including St. Joseph’s Children’s Hospital and Kindred Hospital Central Tampa. Additionally, the property is 3 miles from Interstate 275 and within 5 miles of downtown and Tampa International Airport.
Completed in 1984 on a 20-acre site, the gated community consists of studio, one- and two-bedroom apartments in 21 two- and three-story buildings. Common-area amenities include a pool, fitness center, business center and clubhouse.