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