Saturday, September 3, 2016

Berkadia Completes Sale of Two Tampa, FL Properties for More Than $27 Million

Jason Stanton
TAMPA, FL – Berkadia recently completed the sales of two Tampa multifamily properties, Newport Villas and Pinetree Apartments, which sold for a combined $27.3 million.

 Senior Director Jason Stanton of Berkadia’s 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. 

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.

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

Beth Payan, Larry Vershel Communications 407-644-4142

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