Tampa Community Trades for $44M
- Jul 01, 2019
Insula Cos. has sold LakeBridge Apartments, a 400-unit community in Tampa, Fla. Xavier Family Partnership acquired the asset for $44.4 million and rebranded it as The Park at Lake Como. Berkadia negotiated the deal on behalf of the seller and procured the buyer. According to Yardi Matrix data, the property last traded in 2015, when it sold for $29.3 million.
Located at 8301 Sandstone Lake Drive in the Town ‘N’ Country neighborhood, the property is right across from Tampa Community Hospital. Tampa International Airport is 7.3 miles southeast, while downtown Tampa is further east, within a 20-mile drive. With Westshore Business District 7 miles south via Memorial Highway, the community sits near major employment hubs and economic generators.
Completed in 1985 on a 25-acre site, The Park at Lake Como consists of 31 two-story buildings. The unit mix includes one- to three-bedroom floorplans ranging from 569 to 1,230 square feet, per Yardi Matrix. Common-area amenities feature a swimming pool, spa, tennis court, four laundry facilities and 750 parking spaces. Since completion, the property underwent renovations and improvements worth more than $4 million, such as fresh exterior paint, new roofs, pool resurfacing, parking lot overlay and clubhouse renovation. Blue Roc Premier Properties manages the community that was 96.3 percent occupied as of June.
Berkadia Managing Director Jason Stanton of the Tampa office and Senior Managing Director Cole Whitaker of the Orlando office arranged the transaction on behalf of the seller and procured the buyer. In March, the same team assisted Aspen Square in the $43 million sale of a 384-unit community located approximately 14 miles east of The Park at Lake Como.