Berkadia announces it has arranged financing for the acquisition of 325 units at Arbors at Carollwood, a core-plus opportunity within the highly sought-after Carollwood submarket of Tampa, Fla. Senior Managing Director Mitch Sinberg and Managing Director Matthew Robbins of Berkadia Boca Raton, along with Managing Directors Brad Williamson and Scott Wadler of Berkadia Miami, secured acquisition financing on behalf of the buyer, a joint venture between TruAmerica Multifamily and funds managed by Oaktree Capital Management, L.P. (Oaktree), both based in Los Angeles.
A bank provided a floating-rate loan with a five-year term.
“The Arbors at Carollwood offered investors a unique opportunity to acquire the premiere multifamily asset in one of Tampa’s top performing submarkets, where there is no new apartment supply,” said Robbins. “This property is a newly renovated, exceptionally maintained condo-quality asset in an affluent community that is walkable to over 2.6 million square feet of retail, offering a best-in-class amenity package as well as the opportunity for the new ownership to develop more units on the site.”
Built in 2001 by ZOM, Arbors at Carollwood is a garden-style apartment community consisting of 15 three-story buildings and a clubhouse located on 56 acres at 3939 Ehrlich Road. The property offers one-, two- and three-bedroom floor plans including loft-style units with vaulted ceilings and a second-story den. Apartments range from 769 to 1,499 square feet and include open floor plans, nine-foot ceilings, wood-plank flooring, full-size washer/dryer, and gourmet kitchens with designer cabinets, granite or quartz countertops and stainless steel appliances. The gated community’s amenities include a stunning resort-style pool; cabanas, fire pits, and summer kitchen; 24-hour state-of-the-art fitness center; fenced in bark park with agility equipment and pet spa, renovated clubhouse with WiFi Café and business center; and attached and detached garages. The property was last renovated in 2019.
The property is centrally located just 15 minutes north of downtown Tampa and the Westshore Business District, and just minutes from I-275 and the Veterans Expressway. It is close to University of South Florida, St. Joseph’s Hospital and Advent Health Hospital, Busch Gardens Tampa Bay, and numerous retail and shopping destinations including Sprouts, Whole Foods, Target, Sam’s Club, Starbucks and restaurants.