Market Reports
Apartment Research Center
Search Available Listings
State
Units to
SEARCH NOW
Show Advanced Search
SUBSCRIBE
Receive Info on
Multifamily Offerings
Twitter Facebook Linkedin
7/20/2016 - Berkadia Completes Sale of Two Tampa, Florida Properties for More Than $27 Million Combined
Berkadia today announced the recent sale of two Tampa multifamily properties, Newport Villas and Pinetree Apartments, which sold for a combined $27.3 million. Senior Director Jason Stanton of the Tampa office and Senior Director Hal Warren and Managing Director Cole Whitaker of the Orlando office completed the transactions. “Both of these communities represent a great opportunity for a value-add renovation program, making them appealing to investors in the Tampa Bay market,” Stanton said. “Additionally, the employment opportunities offered by the booming business in the downtown area makes this a particularly attractive market.” Located at 4902 N. Macdill Ave., Newport Villas was sold by Newport Lakeside, LLC of Miami to The RADCO Companies of Atlanta for $20.3 million on June 30. The 372-unit property, which was just over 97 percent occupied at the time of sale, offers one- and two-bedroom floor plans. Unit amenities include ceiling fans, ceramic tiled kitchens and bathrooms, oversized patios, pantries and walk-in closets. Residents also enjoy community amenities including 24-hour laundry facilities, a business center, a cardio fitness center, a clubhouse with a TV room, floating sun deck, a fishing lake, lakeside boardwalk, picnic and barbeque areas and a swimming pool. Pinetree Apartments, located at 3706 W. Idlewild Ave., was sold by Miami-based Newport Pinetree, LLC to Tampa-based Idlewood Avenue Apartments, LLC for $7 million. The 110-unit property, built in 1985, offers one- and two-bedroom floor plans that feature air conditioning, basic cable, ceiling fans, energy efficient appliances, self-cleaning ovens, and patios or balconies. Select units also include vaulted ceilings and walk-in closets. The community has two laundry facilities, a fitness center, a clubhouse, on-site maintenance and management, package pick-up, a picnic area with barbeque grills and a swimming pool. Both properties are less than seven miles from downtown Tampa and less than five miles from the Westshore District. Nearby Tampa Bay Park Office Complex is a 469,000-square-foot corporate office space and home to tenants including T-Mobile, The Art Institute of Tampa and New York Life. The Tampa Bay market has a current occupancy of 95.67 percent with average effective rents of $1,100 in the second quarter of 2016. Average effective rents increased 6.61 percent year-over-year during the second quarter of 2016. Tampa Bay ranks second among Florida cities for year-over-year job growth, with 42,900 new private-sector jobs added by March 2016. In that time, the area’s unemployment rate decreased to 4.3 percent. [Multi-Housing News]

Get Adobe Reader

You will need Adobe Acrobat Reader, available for free download from Adobe's Website, installed on your computer to view these materials.

© 2017 Berkadia Real Estate Advisors LLC
Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Proprietary Holding LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker Lic. #01931050, Berkadia Commercial Mortgage LLC under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. For state licensing details for the above entities, visit: www.berkadia.com/legal/licensing.aspx