StoneBridge Investments Drops Clearwater Community

Berkadia negotiated the sale of Enclave at Northwood Apartments in Clearwater, Fla.
Enclave at Northwood Apartments

Enclave at Northwood Apartments

Enclave at Northwood, a 188-unit apartment community at 2690-2692 Enterprise Road East in Clearwater changed hands in a recent transaction worth $21.4 million

The one-, two- and three-bedroom townhomes and villas at Enclave at Northwood were built in two phases in 1984 and 1985.  Units average 1,076 square feet with one-bedroom units starting from 811 square feet and the three-bedroom, two-bath apartments reaching 1,588 square feet. Common area amenities include a 24-hour fitness center, two lighted tennis courts, two swimming pools, two spas, two laundry facilities, 110 parking spaces and a clubhouse.

Berkadia represented the seller, an affiliate of Washington, D.C.-based StoneBridge Investments. The identity of the buyer remained undisclosed.

Senior Director Jason Stanton of Berkadia’s Tampa office negotiated the sale along with Managing Director Cole Whitaker and Senior Director Hal Warren—both of the firm’s Orlando office.

According to Yardi Matrix, Stonebridge purchased the asset in July 2012 from Nashville, Tenn.-based Covenant Capital Group, for $18.5 million. Since late 2010, when Covenant purchased it, the community has undergone more than $1 million in capital improvements.

Image via Yardi Matrix