August 28, 2020
Berkadia has brokered the sale and financing of Turtle Creek Residence Houses, a 232-unit, garden-style condominium property positioned within the Metro Tampa neighborhood of Lutz. The property traded for $30.6 million.
In-built 1985, Turtle Creek Residence Houses is positioned at 14620 Turtle Creek Circle and consists of 13, two-story buildings on a 20-acre website. The property consists of a mixture of one- and two-bedroom items starting from 450 to 1,010 sq. toes. Facilities embrace two resort-style swimming pools, a five-hole placing inexperienced, health heart and onsite laundry. The earlier proprietor invested $three.2 million to renovate 188 of the items and improve widespread areas in 2016.
Jason Stanton and Cole Whitaker of Berkadia represented the vendor, actual property non-public fairness funding agency Praxis Capital, within the transaction. The customer was American Residential Funding Administration. Moreover, Justin Ownby and Henry Tanner of Berkadia secured acquisition financing for American Residential Funding Administration by way of Freddie Mac.
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Metro Tampa Residence Property Trades for $31M