Berkadia Negotiates $96.3 million price in sale of 834 units in Tampa, FL Portfolio of Apartment Properties

Jason Stanton

Tampa, FL and Orlando, FL --- Berkadia, one of the nation’s largest and most active multifamily investment banking and research companies, recently negotiated a $96.3 million sale price for the Tampa Portfolio, comprising two apartment properties that total 834 units in Tampa and Brandon.

Jason Stanton, Senior Vice President for Berkadia in Tampa, participated in the transaction along with Partner Cole Whitaker and Senior Vice President Hal Warren in Orlando. Berkadia represented seller Covenant Capital Group of Nashville, Tennessee in both transactions.

Viera at Westchase apartments, with 390 units built in 1999, is located near the affluent Town N’ Country area in Tampa. Berkadia negotiated a $52.75 million sale price for the property. The buyer was Viera at Westchase, LLC.

Hamilton Bay apartments, located on the thriving east side of Tampa Bay in Brandon, was built in 1989-1990 with 444 units. Berkadia negotiated a sale price of $43.6 million for Hamilton Bay. Blue Rock Partners, LLC was the buyer. The portfolio sale price averaged $115,527 per unit.

Whitaker said both communities saw capital improvements over the last four years that total more than $6.9 million and average $8,273 per unit. “Capital enhancements focused on curb appeal, marketing, and resident experience,” Stanton explained.

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

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com