Tampa Community Changes Hands for $97M

Brokers from Berkadia’s Tampa, Orlando and Jacksonville offices worked together in finding a buyer for The Cove Apartment Homes, a 689-unit garden-style property.
The Cove in Tampa, Fla.
The Cove in Tampa, Fla.

Berkadia has brokered the sale of The Cove Apartment Homes, a 689-unit multifamily garden-style property in Tampa, Fla. Managing Director Jason Stanton of Berkadia’s Tampa office, Senior Managing Director Cole Whitaker and Director Mary Beale of the Orlando office, and Director Greg Rainey of the Jacksonville office worked to complete the sale on behalf of the seller, Laramar Group. 

According to Yardi Matrix data, Laramar purchased the property for $53 million in 2014. The asset generated a lot of interest and Gamma Real Estate acquired it for $96.5 million. The sale was subject to a $61.4 million loan, held by Fannie Mae. At the time of the transaction, the property had a 95.1 percent occupancy rate.

“The Cove represented a unique chance to acquire a value-add opportunity in an irreplaceable South Tampa location. Through Berkadia’s national platform, we were able to generate a tremendous amount of interest, which led to over 60 tours of the property,” said Stanton, in a prepared statement.

Bay-front location

Situated at 4003 S. Westshore Blvd., The Cove is located directly on the bay and is less than 10 miles from downtown Tampa and Tampa International Airport. The 1978-built apartment community comprises studio, one- and two-bedroom units across 49 buildings. Amenities include:

  • controlled access
  • three swimming pools
  • fitness center and spa
  • game room
  • tennis court
  • boat parking
  • laundry facilities

Recently, Berkadia has secured a total of $73.9 million in financing for two Florida multifamily communities, the Oaks in Orlando’s submarket of Ocoee and The Queue Apartments in Fort Lauderdale.

Image courtesy of Yardi Matrix

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