Tampa-Area Community Commands $39M

MLG Capital acquired the 350-unit multifamily property northeast of downtown Clearwater, Fla., assuming more than $28 million in Fannie Mae financing from the seller.
Turnbury at Countryside

McKinley Inc. has sold Turnbury at Countryside, a 350-unit garden-style community in Clearwater, Fla., to MLG Capital. According to Pinellas County records, the property traded for $39.1 million. The buyer assumed two existing Fannie Mae loans totaling $28.3 million. Berkadia negotiated the deal on behalf of the seller.

Turnbury at Countryside is located at 25350 U.S. Highway 19 N., 20 miles west of downtown Tampa, Fla., and near various shopping and dining options. Major employers in the area include Tech Data, Lincare Holdings Inc. and Mease Countryside Hospital, currently undergoing a $156 million expansion.

The community consists of 42 two-story buildings on 15.1 acres, according to Yardi Matrix. The property’s studios and one- to three-bedroom floorplans range from 500 to 1,600 square feet. Communal amenities include two swimming pools, a dog park, a fitness center and a volleyball court.

Managing Director Jason Stanton and Senior Managing Director Cole Whitaker arranged the transaction on behalf of the seller. The same team recently brokered the $44 million sale of a 400-unit community in Tampa.