Dealmaker: Berkadia Closes $31M Apartment Property Sale

Berkadia arranged the $30.6 million sale and financing for Turtle Creek Apartment Homes, a 232-unit garden-style apartment community 15 miles north of downtown Tampa, Fla.

Turtle Creek Apartments

Managing Director Jason Stanton from Berkadia’s Tampa office and Senior Managing Director Cole Whitaker from the firm’s Orlando office marketed the property for seller Praxis Capital, a real estate private equity investment firm based in Santa Rosa, Calif.

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

“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 includes 13 two-story buildings on 20 acres. The property offers one- and two-bedroom units ranging from 450 to 1,010 square feet. Community amenities include two resort-style pools and a five-hole putting green. The previous owner invested $3.2 million to renovate 188 of the units and upgrade common areas in 2016.

The property is in Tampa’s Innovation District, five minutes from I-275 and close to the University of South Florida, the James A. Haley Veterans’ Hospital, Shriners Healthcare for Children, AdventHealth Tampa and Moffit Cancer Center.