Tampa Bay Community Trades for $63M

As part of the deal, Westdale Asset Management assumed a $44.5 million Fannie Mae loan, which Berkadia originated last year.
Dunedin Commons

Westdale Asset Management has purchased Dunedin Commons, a 280-unit garden-style community in Dunedin, Fla., for $62.5 million. Berkadia represented seller Primerica Group One in the off-market transaction. As part of the deal, the new owner assumed a 10-year, $44.5 million Fannie Mae loan, which Berkadia originated in 2019. The mortgage has a fixed interest rate of 4.19 percent.

Located at 2801 Dunedin Commons Place on 12 acres, the property encompasses three- and four-story structures completed in 2018. The property is roughly 4 miles from Clearwater’s city center and nearly 27 miles from downtown Tampa. The unit mix features one-, two- and three-bedroom floorplans. Amenities at the six-building Dunnedin Commons include a swimming pool, a cyber café, a media center, a playground and a gym with yoga and cycling spaces. Yardi Matrix data shows that the property was 94.7 percent occupied as of January. 

According to Berkadia Managing Director Jason Stanton, the population in the Tampa Bay MSA is expected to expand by 40,000 residents in 2020, increasing demand for residential options in the area. Stanton, Senior Managing Director Cole Whitaker and Senior Director Marc Sumner were part of the Berkadia team that facilitated the sale.