The Michaelson Group, GMF Capital Buy Tampa Community for $43M

The partnership has received $34.6 million in financing to purchase a 384-unit community situated approximately 10 miles from Tampa’s downtown.
Allister Place

A joint venture of The Michaelson Group and GMF Capital has acquired Allister Place, a 384-unit community in Tampa, Fla., for $43.2 million. Berkadia represented seller Aspen Square in the transaction and secured $34.6 million in acquisition financing on behalf of the buyer.

The financing was structured as a 10-year, fixed-rate Freddie Mac loan with 5 years interest only payments followed by a 30-year amortization and an aggressive fixed rate.

Situated at 4939 E. Busch Blvd., the community is enclosed by Interstate 75 and Freeway 41. The property is within 10 miles of downtown Tampa and 17 miles from Tampa International Airport. Additionally, Allister Place is located close to the University of South Florida, Busch Gardens, Raymond James Stadium and Florida hospitals.

Built in 1986, the community comprises one- and two-bedroom units, averaging 651 square feet. The units feature walk-in closets, chef-style kitchens with granite-style counter tops and stainless steel appliances. Communal area amenities include:

  • clubhouse
  • business center
  • storage space
  • 24-hour fitness center
  • swimming pool
  • concierge services

“Strong annual net migration coupled with greater housing demand in the area has made Tampa one of America’s fastest-growing cities,” said Mitch Sinberg, senior managing director at Berkadia, in prepared remarks. “The region’s economy has consistently grown over the past two years, and still continues to flourish as the area has added about 30,000 jobs to the market.”

Berkadia’s brokerage team included Senior Managing Director Cole Whitaker and Managing Director Jason Stanton. The financing team included Sinberg and Associate Director Matt Robbins.

Image courtesy of Berkadia