Tampa Monthly MHN Wrap-Up (Feb. 2020)

Westdale shells out $63 million for luxury asset. Axonic cashes in on St. Petersburg community. Catch up on last month's activity with our February selection of Tampa must-knows.
Tampa Bay. Image via Pixabay.com

With the metro’s fundamentals remaining relatively steady going into 2020, multifamily transactions took center stage this February in Tampa. Marcus & Millichap, Berkadia and Cushman & Wakefield closed deals across the quality spectrum, from luxury garden-style apartments in the suburbs to smaller properties closer to the city core. Catch up on last month’s must-knows with our February selection of Tampa multi-housing news:

1. DEAL – Suburban luxury community trades for $62.5 million.

Primerica Group One sold Dunedin Commons, a 280-unit garden-style property located at 2801 Dunedin Commons Place. Berkadia represented the seller and secured financing on behalf of the buyer, Westdale Asset Management. The new owner assumed an existing $44.5 million Fannie Mae loan with a 4.19 percent fixed interest rate.

2. DEAL – Axonic Properties cashes in on St. Petersburg asset.

GPK Holdings acquired The Madeira, a 138-unit Class B property, for $17.7 million. CBRE represented the seller and secured a $12.7 million Freddie Mae loan on behalf of the buyer. Axonic had purchased the property located at 7533 38th Ave. N. in 2016 as part of a $41.3 million portfolio deal including three Florida properties.

3. DEAL – Cushman & Wakefield completes sale of 334 units.

The brokerage represented the seller, TA Realty, and secured acquisition financing on behalf of Starlight Investments. Promenade at Carillon came online in 1994 and is located at 540 Carillon Parkway. The 13-building property comprises one-, two- and three-bedroom units, with 9-foot ceilings and screened balconies.

4. DEAL – Marcus & Millichap brokers three in Tampa.

The company represented both the buyers and the sellers in three separate transactions:

  • Sanctuary Lofts, a 36-unit community at 502 E. Ross Ave., changed hands for $5 million.
  • Oakwood Court, a 26-unit asset, sold for $1.7 million. The community is located at 5313 Oakwood Court.
  • Genesee, an eight-apartment property at 111 W. Genesee St., traded for $470,000.