Cushman & Wakefield announced that the commercial real estate services firm has arranged the sale of Seven Lakes at Carrollwood, a 640-unit multifamily community located at 3303 N. Lakeview Drive, Tampa, Florida.
Mike Donaldson and Nick Meoli of Cushman & Wakefield represented the seller in the transaction. The property was sold by a real estate fund managed by Covenant Capital Group, LLC and acquired by Bridge Investment Group.
“With Seven Lakes being one of the largest communities in the Tampa Bay area, its immediate ability to develop scale in the high-growth desirable Carrollwood submarket commanded a strong investor turnout during our marketing process,” said Donaldson, Vice Chairman at Cushman & Wakefield. “Furthermore, with sales velocity significantly lower this year, it is rare to find communities of this size on market which is why we received over 20 offers from some of the nation’s largest multifamily owners.”
Seven Lakes at Carrollwood was built in 1982 and features a mix of studio, one- and two-bedroom units. Amenities include two swimming pools with pavered sundecks and lake views, a clubhouse equipped with a fitness center and games, car care center, scenic walking paths, and access to seven community lakes. Additional unit and common area renovations offer additional value-add and the opportunity to provide enhanced features and amenities for residents.
“The property received almost $7 million in capital expenditures over the last three years making the property one of the most premier communities in its’ class and provides for a robust going-in income stream with upside through additional strategic upgrades and loss-to-lease burnoff,” added Meoli, Vice Chairman at Cushman & Wakefield. “We sold the property to Bridge Investment Group, a leading vertically integrated real estate investment manager who plans to capitalize on this upside and add Seven Lakes to their established Tampa Bay portfolio.”