Tampa-Area Community Trades for $55M

GMC Properties has sold the property to a fund managed by Covenant Capital Group.
Brandywine. Image courtesy of Berkadia

GMC Properties has sold Brandywine Apartments, a 477-unit community in St. Petersburg, Fla., to a fund managed by Covenant Capital Group.

Berkadia represented GMC Properties in  the $55 million transaction. According to Yardi Matrix data, GMC purchased the property in 2012, for $25 million.

Built in 1972, the apartment community comprises one-, two- and three-bedroom apartments with walk-in closets and in-unit washers and dryers. Common-area amenities include a business center, swimming pool, clubhouse and fitness center. The property also includes 1,000 parking spaces.

Located at 1699 68th St. N., on roughly 13 acres, the garden-style community is within 6 miles of downtown St. Petersburg and 10 miles from St. Pete– Clearwater International Airport.

Berkadia’s team included Managing Director Jason Stanton and Senior Managing Director Cole Whitaker. In August 2020, the duo assisted the seller of Turtle Creek, a 232-unit community in Lutz, Fla. The property traded for $30.6 million.