TAMPA, Fla. (June 27, 2019) –Berkadia announces it has arranged the sale of LakeBridge Apartments, a 400-unit multifamily property located in Tampa, Florida. Managing Director Jason Stanton of Berkadia’s Tampa office and Senior Managing Director Cole Whitaker of Berkadia’s Orlando office arranged the $44.4 million sale on behalf of the seller, Insula Companies, and the buyer facilitator, Blue Roc Premier Properties.
“With the continued evolution of the Tampa market, a property situated in a convenient location has potential for serious value-add implementation,” said Stanton. “It also has the potential for a significant rental increase by renovating the unit interiors leveraging off of the exterior capital improvements that have already been made on the property.”
The property has had over $4 million worth of improvements since it was built, including fresh exterior paint, new roofs, pool resurfacing, parking lot overlay, and a clubhouse renovation.
Built in 1985, LakeBridge Apartments is situated at 8302 Crystal Harbor Drive and includes one-, two- and three-bedroom floor plans, averaging 728 square feet. The property offers access to a wide range of resort-style amenities.
LakeBridge Apartments is located in the Town ‘N’ Country neighborhood of Tampa. With immediate access to Tampa International Airport, Tampa Community Hospital, Westshore Business District, and downtown Tampa, the community is situated near major employment hubs and economic generators.