Tampa Bay Community Sells for $56M

CBRE provided a $38.8 million Freddie Mac loan for the purchase of the 416-unit community in Clearwater.
Woodland Key

Ashcroft Capital has finalized the $55.8 million acquisition of Woodland Key, a 416-unit community in Clearwater, Fla., from a private investor. CBRE provided the new owner with a 10-year, $38.8 million Freddie Mac loan, public records show. The buyer rebranded the property as Anthem Clearwater.

The asset previously changed hands for $18 million in 2014. Following that deal, the current seller invested $10 million in capital improvements at the community.

Located on 24 acres at 2770 Roosevelt Blvd., the property encompasses 52 two-story buildings completed in 1974. The unit mix has 240 one-bedroom and 176 two-bedroom floorplans, Yardi Matrix shows. The amenity package includes a gym, two swimming pools, two laundry facilities and a dog park.

Close to Highway 19, the community is 2 miles from the St. Pete-Clearwater International Airport and 8 miles from downtown Clearwater. The property is within 1 mile of a Walmart Supercenter and the 221,000-square-foot Tri-City Plaza shopping center.

Last year, Ashcroft Capital purchased MacArthur Place at 183, a 548-unit community outside of Dallas. Voya Financial provided the company with a $42 million acquisition loan.