Berkadia announces it has arranged the sale of Brandywine Apartments, a 477-unit garden-style apartment community in St. Petersburg, Fla. Managing Director Jason Stanton of Berkadia’s Tampa office, and Senior Managing Director Cole Whitaker of Berkadia’s Orlando office, arranged the sale. A real estate fund managed by Covenant Capital Group, LLC, a value-add investment manager with an exclusive focus on the acquisition and renovation of apartment communities, acquired the property from GMC Properties for $55.33 million.
“St. Petersburg’s strong emphasis on workforce development and attracting new talent to its diverse array of industries has made it a popular market for multifamily investing in Florida,” said Stanton. “With demand expected to elevate along with effective rents, the market’s fundamentals will continue making Tampa Bay an area with consistent opportunities in the value-add space.”
Built in 1972, Brandywine Apartments is located at 1699 68th Street N. Studios, one-, two- and three-bedroom units include vinyl flooring, walk-in closets, kitchen islands and washer/dryer. Community amenities include a business center, fitness center, swimming pool, courtyard and clubhouse.
Situated near several transit corridors and employers, the community is only 20 minutes away from Downtown St. Petersburg. Tyrone Boulevard is less than five minutes and Interstate 275 is approximately 15 minutes away, offering direct access throughout the greater Tampa Bay area.