Tampa-Area Community Changes Hands for $31M
In 2016, the 232-unit garden-style property underwent a $3.2 million capital improvement plan.
Praxis Capital has sold Turtle Creek, a 232-unit apartment community in Lutz, Fla., to American Residential Investment Management for $30.6 million. According to Yardi Matrix data, Praxis acquired the property in 2017 for $18.5 million.
Built in 1985, the garden-style property comprises 13 two-story buildings, with a mix of one- and two-bedroom units ranging from 450 to 1,010 square feet. Common-area amenities include two swimming pools, a fitness center and laundry facilities. In 2016, the community underwent a $3.2 million capital improvement plan.
Located at 14620 Turtle Creek, on a 20-acre site, the property is 2 miles from Interstate 275 and 15 miles from downtown Tampa.
Berkadia represented the seller and secured financing for the buyer.
Managing Director Jason Stanton and Senior Managing Director Cole Whitaker of Berkadia assisted the seller in the deal. Senior Director Justin Ownby and Managing Director Henry Tanner arranged the Freddie Mac acquisition financing.
This month, American Residential Investment Management also acquired two communities in the same metro. The same Berkadia team represented the seller and secured financing for the buyer.