Sunshine State Portfolio Changes Hands for $98M

1 min read

Priderock Capital Partners has picked up the two Class B communities, totaling 550 units, with $67 million in acquisition financing from Freddie Mac.

Arbor Walk

Fairfield Residential has sold two Class B communities in Florida to Priderock Capital Partners for $98 million, according to Yardi Matrix. Priderock funded the purchase with a $67 million Freddie Mac acquisition loan originated by KeyBank.

Fairfield had picked up the assets for $67 million in 2015 from two sellers in two separate transactions. The firm recently traded a 224-unit multifamily property in Los Angeles for $82.5 million.

Located at 4121 E. Busch Blvd. in Tampa, the 230-unit Arbor Walk is situated in the city’s Del Rio/College Hill submarket. Positioned near the Busch Gardens theme park, the community is within 5 miles of interstates 4, 75 and 275. The property contains a mix of one- and two-bedroom apartments, ranging in size between 750 and 1,152 square feet.

Waters Edge

The second asset, Waters Edge, comprises 320 units at 10901 N.W. 40th St. in Sunrise, a suburb of Fort Lauderdale. The property’s 30 buildings contain one-, two- and three-bedroom units, averaging 952 square feet. As of August, the community was 95.3 percent leased, per Yardi Matrix data.

Images courtesy of Yardi Matrix

You May Also Like

The latest multifamily news, delivered every morning.


Latest Stories

Like what you're reading? Subscribe for free.