Allister Place sold for $43.2MM to joint venture between GMF Capital and an affiliate of The Michaelson Group
Tampa, Fla. (March 22, 2019) – Berkadia announces it has arranged the $43.2 million sale and $34.6 million financing of Allister Place, a 384-unit multifamily asset located in Tampa, Florida. Senior Managing Director Cole Whitaker of the Orlando office and Managing Director Jason Stanton of the Tampa office brokered the sale on behalf Aspen Square, the seller. Senior Managing Director Mitch Sinberg and Associate Director Matt Robbins of Berkadia’s South Florida office arranged the financing on behalf of the buyer, a joint venture between The Michaelson Group, a real estate investment firm based in Jacksonville, and GMF Capital, a real estate investment firm based in New York City.
The South Florida team arranged a 10-year, fixed-rate Freddie Mac Loan with 5 years of interest only payments followed by a 30-year amortization and an aggressive fixed rate.
“Strong annual net migration coupled with greater housing demand in the area has made Tampa one of America’s fastest growing cities,” said Sinberg. “The region’s economy has consistently grown over the past two years, and still continues to flourish as the area has added about 30,000 jobs to the market.”
Tampa has been listed as one of the top 10 places to invest in real estate in the U.S. for the first time in 40 years according to Pricewaterhouse Cooper and the Urban Land Institute.
Built in 1986, Allister Place is located at 4939 East Busch Boulevard. One- and two- bedroom units are equipped with walk-in closets, chef style kitchens with granite-style counter tops and stainless-steel appliances. Community amenities feature a clubhouse, business center, storage space, 24-hour fitness center, a resort style swimming pool, and front desk concierge services. The asset also includes 24-hour maintenance, lake views and poolside cabanas.
Situated in Temple Terrace, northeast of Tampa, Allister Place is centrally located to everything residents would need. With easy access to I-275, I-4, and I-75, Allister Place is a short distance to the University of South Florida, Busch Gardens, Raymond James Stadium, and Florida hospitals. Additionally, the asset is minutes away from downtown Tampa, where residents can frequent Tampa’s famous shopping and dining districts.