Largo, Fla. (June 26, 2019) – Berkadia announces it has arranged the sale of Dwell at Bay Crossing, a 228-unit multifamily asset in Largo, Florida. Managing Director Jason Stanton of Berkadia’s Tampa office and Senior Managing Director Cole Whitaker of Berkadia’s Orlando office arranged the sale on behalf of the seller, Redwood Capital Group, and the buyer, Ashcroft Capital.
“The Tampa-St. Petersburg area has seen a strengthening labor market with household median income growth up 12 percent,” said Stanton. “Consistently ranked as one of the best cities to live in and find employment, the Tampa MSA has become an exemplary market displaying strong multifamily fundamentals for investments in value-add communities.”
Built in 1976, Dwell at Bay Crossing is located at 600 Starkey Road. One-, two- and three-bedroom units include walk-in closets, washer/dryer, internet access and fully equipped kitchens. Community amenities include two swimming pools, resort-inspired pool furnishings, tennis court, 24-hour fitness studio, picnic areas, and dog park.
The asset is located near major employers and transit routes, including Largo Medical Center, St. Pete-Clearwater International Airport and Clearwater Beach. Interstate 275 is less than 20 minutes away, providing direct access to downtown St. Petersburg and Downtown Tampa, and U.S. 19 is less than 10 minutes away, offering an alternative route to downtown St. Petersburg.