Villas at City Center and Pinetree Apartments traded for a combined $31 million
Tampa, Fla. (August 10, 2020) – Berkadia announces it has arranged the sale and financing of two vintage, garden-style apartment communities located in Tampa and Temple Terrace on behalf of the seller, Kimball Key LLC. The 128-unit Villas at City Center, located in Temple Terrace, sold for $15.39 million. Pinetree Apartments, located in Tampa, which has 110 units, traded for $15.55 million. Managing Director Jason Stanton of Berkadia’s Tampa office and Cole Whitaker of Berkadia’s Orlando office marketed the property on behalf of the seller.
Berkadia Senior Director Justin Ownby of Berkadia’s Tampa office, and Managing Director Henry Tanner of Berkadia’s Raleigh, N.C. office, secured financing through Freddie Mac for the buyer, American Residential Investment Management.
“These two communities acquired in an off-market transaction demonstrate the strength of value-add properties in the current climate,” said Stanton. “Despite the impacts of COVID-19, multifamily fundamentals in Tampa are solid in part due to the diversification of the economy. These are two well maintained, attractive properties in great locations with current below-market rents and proven value-add components.”
“The borrower was able to take advantage of the low interest rate environment and financed the two assets with full leverage 15-year loans from Freddie Mac at a 3.08% all-in rate with multiple years of interest only,” said Ownby.
Built in 1970, Villas at City Center is located at 5518 Terrace Court and consists of nine residential, two-story buildings on a 6.6-acre site. The property offers a mix of one- and two-bedroom units ranging from 950 to 1,200 square feet. Community amenities include a pool, playground, laundry facility and courtyard. It is located in the Northeast section of Tampa, approximately five minutes from Busch Gardens Tampa Bay and Florida College.
Built in 1985, Pinetree Apartments is located at 3706 West Idlewind Avenue and consists of 11 two-story, wood-frame buildings on a 25-acre site. The property offers a mix of one- and two-bedroom units ranging from 500 to 1,000 square feet. Apartments feature new appliances, in-unit washer/dryer, patio or balcony, and hardwood floors. Community amenities include a swimming pool, dog park and fitness center. The property is located in the northwest section of Tampa, conveniently close to the intersection of West Hillsborough Avenue and North Dale Mabry Highway, and less than 15 minutes from the Tampa International Airport.