TAMPA, FL, May 15, 2012 –Institutional Property Advisors (IPA), a recently formed multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of Lakes of Northdale (top left photo), a 216-unit multifamily property located just north of downtown Tampa in the neighborhood of Carrollwood.
Jamie B. May (middle right photo), a senior director of IPA based in Florida, represented the seller, Sentinel Real Estate Corp. The buyer is Robbins Property Associates LLC.
“Lakes of Northdale provides the new owner with a ‘B’ value-add stable asset in an excellent ‘AAA’ neighborhood,” says May.
“Carrollwood is a heavily commercialized area with limited sites for new development. Its proximity to employment centers and recreational opportunities caters to the needs of young professionals,” adds May. “The new owner plans to now add value through significant investments in interior and exterior renovations as well as additional carports, which will in effect add $200-plus to the current effective rent per unit.”
The property was built in 1985 on 18.5 acres just off Dale Mabry Highway at 16297 Northdale Oaks Drive.
Lakes of Northdale is a lushly landscaped apartment property that consists of 28 two- and three-story residential buildings surrounded by mature oak trees and a large lake. The unit mix is 116 one-bedroom units and 100 two-bedroom/two-bath apartments. The average unit size is 925 square feet.
Community amenities include a luxurious clubhouse with Wi-Fi, a resort-style swimming pool with spa, a resident business center, redwood saunas, a laundry facility and 70 carports.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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