Berkadia announces it has arranged the sale and financing of Beach Club, a 200-unit lakefront apartment community located in Tampa. Managing Director Jason Stanton and Senior Managing Director Cole Whitaker of Berkadia’s Tampa and Orlando offices listed the property on behalf of the seller, KCB Real Estate Management.
Senior Managing Director Mitch Sinberg, Managing Director Scott Wadler and Senior Director Matt Nihan of Berkadia’s South Florida offices originated financing via Freddie Mac on behalf of the buyer, Beacon Real Estate Group. The 10-year, floating-rate loan offered an attractive rate and five years interest only.
“Beach Club represented a tremendous opportunity to implement a value-add program,” said Stanton. “With light renovations to interiors of each unit, Beach Club is well positioned to compete with similar recently renovated vintage product in this submarket.”
Located at 6904 Ralston Place Drive, Beach Club was built in 1979 and offers a mix of studio, one- and two-bedroom units ranging in size from 450 to 810 square feet. Apartments feature faux-wood flooring, a private patio or balcony, walk-in closets, and open plan kitchens with counter bar. The pet-friendly community offers resident amenities including a clubhouse, business center with free WiFi, swimming pool with sundeck, outdoor grilling areas, fitness center with cardio and strength equipment, laundry care center and private dock for lakefront fishing, and water views.
The property is ideally located on Egypt Lake, just a few minutes from I-275, approximately 15 minutes north of downtown Tampa.