Berkadia Arranges Multiple Multifamily Sales in Florida and Georgia

TAMPA, FL—Berkadia reports it has arranged the nearly $50-million fractured trade of 379 units at the Stillwater Palms in Tampa and the sale of Turnbury at Countryside, a 350-unit garden-style multifamily property in Clearwater.

Laramar Group, which has offices in Chicago and Denver, acquired the 379 units at the 432-unit condominium for $49.65 million from Aspen Square Management of West Springfield, MA. Berkadia managing director Jason Stanton of the firm’s Tampa office and senior managing director Cole Whitaker of Berkadia’s Orlando office arranged the transaction on behalf of the seller.

MLG Capital of Brookfield, WI purchased the Turnbury at Countryside development from of McKinley Companies LLC of Ann Arbor, MI. No financial details of the transaction were disclosed. Jason Stanton, managing director of Berkadia’s Tampa office and senior managing director Cole Whitaker of Berkadia’s Orlando office arranged the sale on behalf of McKinley Cos.

Built in 1985 and renovated in 2017, Stillwater Palms is located at 2350 Cypress Pond Road. One- and two-bedroom units include a breakfast bar, full size washer and dryer, stainless steel appliances, stainless steel microwaves and spacious closets with built-in shelving. Community amenities include a 24-hour fitness center, cabanas, cardio equipment, pergola, hammocks, playground, resort-style pool and picnic areas.

“The asset demonstrated strong upside potential after the previous owner carried out strategic renovations throughout the property,” says Berkadia’s Stanton. “With Tampa Bay’s population expected to advance by 6.5% and an expanding mix of employment opportunities available, the multifamily market is poised for continued growth that will complement value-add investments.”

Built in 1974 on 15 acres at 25350 U.S. Highway N. 19, Turnbury at Countryside is located seven miles from Downtown Clearwater. The property consists of studio, one-, two- and three-bedroom apartments, averaging 839 square feet. Individual units feature central air conditioning and heat, screened-in private balconies or patios, and washer-dryer connections. The community offers two swimming pools, a dog park, tennis court, a sand volleyball court, 24-hour fitness center and Wi-Fi sundeck.

Stanton says the property was acquired on a loan assumption basis and represented “a great value-add opportunity in a central Clearwater infill location, close to major employers and demand drivers.”

In another Southeast US transaction, Berkadia reported it arranged the recent sales of two garden-style multifamily properties in Georgia—Lakeside Reserve in College Park and Willow Way of Atlanta for a combined price of $26.9. million. Berkadia managing director John McCalla of Berkadia’s Atlanta office completed the combined sales on behalf of an Atlanta-based seller. Tusk Equity Partners, LLC of Lawrence, NY acquired the properties.

Lakeside Reserve is a 372-unit property, while Willow Way features 296 units.

“The Lakeside Reserve deal represents the firm’s 11th acquisition in the area over the last two years,” states Moshie Horn, principal of Tuck Equity Partners LLC. “The deal represents a true value-add acquisition for us, and we intend to do a complete overhaul of the property—including, but not limited to, revitalizing the lake, decking, ball courts, leasing center, pool, security gates, signage, laundry facilities, outdoor LED lighting and installing all new appliances and vinyl floors. We believe that within nine months of ownership, we can create a landmark asset, restore the property back to its glory days and create a place that 372 families are proud to call home.”

The Willow Way transaction represents Tusk Equity’s first joint venture, partnering on the deal with the Read Property Group.