Tampa Property Sells for $34M

Read Property Group sold the 310-unit, garden-style community located approximately 10 miles from downtown Tampa. The sale was subject to a $24.8 million-Fannie Mae loan.
Lake Azzure

Goldelm has acquired Lake Azzure, a 310-unit, garden-style community in Tampa, Fla. Read Property Group sold the property for $33.9 million which equates to $109,334 per unit. The sale was financed by a $24.8 million-Fannie Mae loan originated through Orix, according to Yardi Matrix.

Located at 8505 Lincoln Cove Drive, Lake Azzure is near Freeway 580, approximately 10 miles from Tampa International Airport and 9 miles from downtown Tampa. The community is also situated near many dining and shopping options. Fountain Oaks shopping center is within a 10-minute walk from the property.

Built in 1972, the 29-building community occupies around 13 acres and encompasses a mix of one- two- and three-bedroom units, averaging 886 square feet. The units feature hardwood floors, washers and dryers, semi-private entries and balconies/patios. Communal area amenities include controlled access, two swimming pools, a spa and 1,000 parking spaces, Yardi Matrix shows.

In June 2018, Read Property Group sold the 242-unit Aviara in Gainesville, Fla., for $20.2 million.

Image courtesy of Yardi Matrix