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Florida & Gulf Coast  + Apartments  |  August 28, 2020
David Cohen
By: David Cohen

Metro Tampa Apartment Property Trades for $31M

Berkadia has brokered the sale and financing of Turtle Creek Apartment Homes, a 232-unit, garden-style apartment property located in the Metro Tampa community of Lutz. The property traded for $30.6 million.

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 consists of a mix of one- and two-bedroom units ranging from 450 to 1,010 square feet. Amenities include two resort-style pools, a five-hole putting green, fitness center and onsite laundry. The previous owner invested $3.2 million to renovate 188 of the units and upgrade common areas in 2016.

Jason Stanton and Cole Whitaker of Berkadia represented the seller, real estate private equity investment firm Praxis Capital, in the transaction. The buyer was American Residential Investment Management. Additionally, Justin Ownby and Henry Tanner of Berkadia secured acquisition financing for American Residential Investment Management through Freddie Mac.

For comments, questions or concerns, please contact David Cohen

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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