Sunshine State Portfolio Changes Hands for $98M

Priderock Capital Partners has picked up the two Class B communities, totaling 550 units, with $67 million in acquisition financing from Freddie Mac.
Arbor Walk

Fairfield Residential has sold two Class B communities in Florida to Priderock Capital Partners for $98 million, according to Yardi Matrix. Priderock funded the purchase with a $67 million Freddie Mac acquisition loan originated by KeyBank.

Fairfield had picked up the assets for $67 million in 2015 from two sellers in two separate transactions. The firm recently traded a 224-unit multifamily property in Los Angeles for $82.5 million.

Located at 4121 E. Busch Blvd. in Tampa, the 230-unit Arbor Walk is situated in the city’s Del Rio/College Hill submarket. Positioned near the Busch Gardens theme park, the community is within 5 miles of interstates 4, 75 and 275. The property contains a mix of one- and two-bedroom apartments, ranging in size between 750 and 1,152 square feet.

Waters Edge

The second asset, Waters Edge, comprises 320 units at 10901 N.W. 40th St. in Sunrise, a suburb of Fort Lauderdale. The property’s 30 buildings contain one-, two- and three-bedroom units, averaging 952 square feet. As of August, the community was 95.3 percent leased, per Yardi Matrix data.

Images courtesy of Yardi Matrix