Temple Terrace, Fla. – Berkadia, one of the nation’s largest and most active multi-family investment banking and research companies, recently completed the sale of The Park at Monument Terrace, a 144-unit apartment community with gated, controlled access located at 11110 N. 56th Street near the intersection with East Fowler Avenue in Temple Terrace.
Senior Director Jason Stanton of the Clearwater office, as well as Managing Director Cole Whitaker of the Orlando office, and Director Greg Rainey of the Jacksonville office, negotiated the $10,700,000 sale, reflecting a $74,306 per-unit price.
Berkadia represented Miami-based Seller Normandy United, LLC, who spent $765,500 on capital improvements since 2011, including interior upgrades in 41 units that brought in an average of $153 more than the non-renovated units.
The Buyer was Bengal Properties, Inc., a subsidiary of Park Pointe Properties, LLC., which owns and operates over 650 apartment units in the Tampa Bay market.
The one-, two-, and three-bedroom apartments were built in 1971 on 9.19 acres. The Park at Monument Terrace was more than 93 percent occupied at time of the sale with average rents at $943/month and an overall average unit size of 1,163 square feet.
Exterior amenities included in the apartment community sale are a swimming pool, business center, car-care center, picnic area with barbecue grill, clubhouse, fitness center, playground, extra storage, two laundry facilities and 288 parking spaces.
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Berkadia, a joint venture of Berkshire Hathaway and Leucadia National Corporation, 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.