Berkadia Arranges Sale and Financing of Tampa Apartments

August 28, 2020

Berkadia Arranges Sale and Financing of Tampa Apartments

August 28, 2020
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Praxis Capital sold the 232-unit Turtle Creek Apartment Homes for $30.6 million

Tampa, Fla. (August 26, 2020) – Berkadia announces it has arranged the sale and financing of Turtle Creek Apartment Homes, a 232-unit garden-style apartment complex located in the community of Lutz, 15 miles north of downtown Tampa, Florida. Managing Director Jason Stanton of Berkadia’s Tampa office and Senior Managing Director Cole Whitaker of Berkadia’s Orlando office marketed the property on behalf of Praxis Capital, a real estate private equity investment firm based in Santa Rosa, California. The property sold for $30.6 million.

Berkadia Senior Director Justin Ownby of Berkadia’s Tampa office and Managing Director Henry Tanner of the Raleigh office secured financing through Freddie Mac for the buyer, American Residential Investment Management.

“Turtle Creek Apartment Homes recently underwent a renovation program allowing the new owner the opportunity to achieve higher rents by competing with similar reno­vated vintage product in the submar­ket,” said Stanton. “The property is also ideally located within minutes of University of South Florida and several major healthcare employers.”

“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 with a competitive all-in rate with multiple years of interest only,” said Ownby.

Built in 1985, Turtle Creek Apartment Homes is located at 14620 Turtle Creek Circle and consists of 13, two-story buildings on a 20-acre site. The property offers a mix of one- and two-bedroom units ranging from 450 to 1,010 square feet. Community amenities include two resort-style pools, a five-hole putting green, a cardio/fitness center, and onsite laundry facility. The previous owner invested $3.2 million to renovate 188 of the units and upgrade common areas in 2016. The property is located in the Innovation District of Tampa, approximately five minutes from I-275, and within a few miles of University of South Florida, the James A. Haley Veterans’ Hospital, Shriners Healthcare for Children, AdventHealth Tampa, and Moffit Cancer Center.

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