Saturday, June 18, 2016

Berkadia Negotiates $54 Million Sale of Largo, FL Apartments

Madison at Largo Apartments, 601 East Rosemary Road Northeast, Largo, FL

Jason Stanton
 LARGO, FL – Berkadia announced the recent sale of Madison at Largo, a multifamily property located in Largo.

 Senior Director Jason Stanton of the Clearwater office, as well as Managing Director Cole Whitaker and Senior Director Hal Warren of the Orlando office, and Senior Director Tal Frydman of the Boca Raton /Miami office, negotiated the $54 million sale, reflecting a $121,622 per-unit price.

Tal Frydman sold the property to Largo Landry LLC for $14.3 million in 2011 and since then Seller Largo Landry LLC of West Springfield, Mass. completed major renovations to the property with both interior and exterior enhancements.  

The Buyer was enticed by Madison at Largo’s condition and its proximity to several major rental demand drivers.

"The competition for this property was intense, as over 15 official property tours were conducted and resulted in more than 10 competitive offers," said Stanton. "The ultimate price-per-unit was record-setting in Pinellas County for an off-waterfront property with more than 150 units."

Located at 601 East Rosemary Rd. NE, the 444-unit property offers one-, two- and three-bedroom floorplans. Unit amenities include kitchens equipped with refrigerators, stoves, microwaves, dishwashers and garbage disposals, along with breakfast bars, carpet and wood-style flooring, washer and dryer connections and private patios or balconies. Residents also enjoy community amenities such as three resort-style pools, a 24-hour state-of-the-art fitness center and a lounge with pool tables and bistro seating.

The property is located just north of East Bay Drive, a main east-west thoroughfare through Largo, and just south of Gulf to Bay Boulevard.  It is less than five miles from Clearwater Beach and approximately five miles from downtown Clearwater. Top employers in the area include Tech Data, Jabil Circuit, BayCare, and Home Shopping Network.

For a complete copy of the company’s news release, please contact:

Beth Payan, Larry Vershel Communications, 407-644-4142


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