Tampa, Fla. (July 2, 2019) – Berkadia announces it has arranged the fractured condo sale of 379 units at Stillwater Palms, a multifamily asset with 432 condominiums in the Palm Harbor area of Tampa, Florida. Managing Director Jason Stanton of Berkadia’s Tampa office and Senior Managing Director Cole Whitaker of Berkadia’s Orlando office arranged the transaction on behalf of the seller, Aspen Square Management. The buyer was Laramar Group.
“The asset demonstrated strong upside potential after the previous owner carried out strategic renovations throughout the property,” said Stanton. “With Tampa Bay’s population expected to advance by 6.5 percent and an expanding mix of employment opportunities available, the multifamily market is poised for continued growth that will complement value-add investments.”
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.
Located in the Palm Harbor area of Tampa, Stillwater Palms is found near a variety of employment and retail hubs and is less than 5 minutes away from US-19, offering direct access into Tampa. Employers such as Nationwide Title Clearing Inc. and Florida Hospital North Pinellas are also less than 10 minutes away, supporting almost 1,000 jobs in the area.