TAMPA, FL – Berkadia announces it has arranged the sale and financing of Grand Pavilion, a 264-unit garden-style multifamily community located in Tampa. Senior Managing Director Cole Whitaker and Managing Director Jason Stanton of Berkadia’s Tampa and Orlando offices listed the property on behalf of the seller, ESG Kullen. Berkadia worked in conjunction on transaction with BlueGate Partners, LLC out of New York, represented by Mark DeLillo and Craig Callaway.
Senior Managing Director Mitch Sinberg and Associate Director Matt Robbins of Berkadia’s Boca Raton office originated $24.4 million in financing via Freddie Mac on behalf of the buyer, Praxis Capital, which acquired the property for $32.77 million. The 10-year, floating-rate loan offered an attractive rate and five years interest only.
“This property recently received $3 million in upgrades and is well positioned to compete with similar vintage product in this submarket with modest improvements to the unit interiors,” said Stanton.
Located at 3110 Grand Pavilion Drive, Grand Pavilion was built in 1984 and offers a mix of one- and two-bedroom units ranging in size from 540 square feet to 873 square feet. Apartments feature new carpet and plank flooring, a screened in patio or balcony, walk-in closets, and in some units, kitchens have been updated with new appliances, hardware and cabinetry. Community amenities include a new state-of-the-art fitness center, swimming pool with sundeck, outdoor picnic/grill area, tot lot/playground, bark park, clubhouse lounge, game room, and package receiving area.
The property is ideally located in Northeast Tampa, less than five minutes from the University of South Florida, Busch Gardens Tampa Bay and AdventHealth Tampa, and 20 minutes from downtown Tampa.
About Berkadia: Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. To learn more about Berkadia, please visit www.berkadia.com
Berkadia has arranged the $32.7 million sale of Grand Pavilion, a 264-unit apartment community in Tampa.
Located at 3110 Grand Pavilion Drive, Grand Pavilion was built in 1984 and offers a mix of one- and two-bedroom units ranging in size from 540 square feet to 873 square feet. Apartments feature new carpet and plank flooring, a screened in patio or balcony and walk-in closets. Amenities include a fitness center, swimming pool with sundeck, outdoor grill area, playground, dog park, clubhouse lounge, game room, and package receiving area.
Cole Whitaker and Jason Stanton of Berkadia’s Tampa and Orlando offices represented the seller, ESG Kullen, in the transaction. Mitch Sinberg and Matt Robbins of Berkadia’s Boca Raton office originated $24.4 million in financing through lender Freddie Mac on behalf of the buyer, Praxis Capital. The 10-year, floating-rate loan offered five years of interest-only payments.
ESG Kullen Sells Tampa-Area Asset for $114M
Trellis at the Lakes provides 688 units across 46 buildings in St. Petersburg.
NOV 09, 2020
By Beata Lorincz
Stoneweg US has acquired Trellis at the Lakes, a 688-unit community in St. Petersburg, Fla., for $114 million. Law firm Meland Budwick represented the seller, ESG Kullen, who acquired the property in 2016 for $80.9 million, from Camden Property Trust, according to Yardi Matrix.
The property is located at 11401 Dr. Martin Luther King Jr. St. N., roughly 10 miles north of downtown St. Petersburg. Interstate 275 is less than 2 miles away, while a Publix-anchored retail center is within a mile’s radius. Central Tampa is less than 15 miles northeast of the site.
Built in 1981, Trellis at the Lakes provides 384 one-bedroom and 304 two-bedroom apartments, across 46 buildings. Common-area amenities include fitness and business center, a clubhouse, tennis and basketball court, six laundry facilities and two swimming pools.
Mark Meland and Bryan Vega of Meland Budwick arranged the deal. In 2019, the property became subject to a $67.6 million CMBS loan originated by Newmark.
Last week, another Tampa-area community traded in a deal brokered by CBRE. Buff Management sold Vista at Palma Sola in Bradenton, Fla., located just over an hours’ drive south of Trellis at the Lakes.
ST. PETERSBURG, Fla., Nov. 12, 2020 — Admiral Capital Group and ESG Kullen announced the sale of Trellis at the Lakes, a 688-unit multifamily property in St. Petersburg, Florida, in the Tampa MSA.
Admiral and ESG acquired the apartment community for $80.9 million in September 2016 through a joint venture. The investment provided an opportunity to purchase a well-located asset at a discount to replacement cost and provide a value housing alternative to the growing workforce in one of the top growth markets in the U.S. The asset was sold for $114 million, representing an increase of over 40% in value.
During its ownership, the joint venture set to improve the aesthetics and overall experience for tenants. The partnership renamed and repositioned the property through exterior enhancements by curing deferred maintenance and upgrading interiors. Improvements included construction of a new state-of-the-art fitness center, pool area enhancements, new outdoor kitchens, other amenity upgrades and landscaping across the property. Interior renovations included upgrading countertops, modernizing kitchens with new cabinets, appliances and flooring and bathrooms. The upgrades and improvements enhanced the offering to potential tenants providing a high-quality, cost-effective alternative to newer nearby assets with higher overall rents.
“Identifying under-capitalized assets in markets with a supply and demand imbalance has been a critical part of our growth and success in the multifamily space,” said Dan Bassichis, co-founder of Admiral. “With its strong fundamentals and accelerating job and population growth, Tampa has been a key market for Admiral, and this property was an ideal fit for executing our value-add investment strategy. We couldn’t be more pleased with the execution with ESG Kullen.”
Read the Full Article – https://news.yahoo.com/admiral-capital-group-esg-kullen-201800462.html?guccounter=1