Berkadia announced that it arranged the sale and financing of Henley Tampa Palms, a unique 315-unit, value-add garden-style multifamily community located in the highly desirable Tampa Palms master-planned community of Tampa, Florida.
Senior Managing Directors Matt Mitchell and Jason Stanton, Directors Chris Burtner and Tyler Swidler, and Managing Director Brett Moss of Berkadia Central & North Florida represented the seller, Chicago-based 29thStreet Capital. Continental Realty Corporation, a family-owned real estate firm based in Baltimore, acquired the property for $82 million.
Senior Managing Director Mitch Sinberg of Berkadia Boca Raton and Managing Director Scott Wadler of Berkadia Miami, along with Director of Operations Jared Hill of Berkadia Boca Raton and Director Bryan Brown of Berkadia Tampa, secured the $52.52 million acquisition loan through Freddie Mac on behalf of buyer Continental Realty Corporation. The 10-year, fixed-rate loan includes full-term interest only, with a 65% loan to value.
The property’s large “big house”-style apartment units and its location within a master-planned community made this a unique multifamily offering.
“We are proud to have successfully completed another disposition in today’s challenging investment market,” said Christopher Steiner, Vice President of Acquisitions for the Florida region at 29th Street Capital. “Berkadia identified a qualified buyer who dutifully navigated the due diligence and financing process. Henley Tampa Palms exemplifies our firm’s strategic focus on identifying and repositioning irreplaceable properties in desirable locations. CRC is now well-positioned to build on our business plan and continue enhancing the property’s appeal.”
“Henley Tampa Palms offered a rare opportunity to acquire a well-located asset with upside potential,” said Mitchell. “The property offered immediate value-add opportunities with 75% of the units available for renovation. Additional improvements to common areas would further enhance the property’s appeal and rental income potential. Additionally, the property is strategically located near the University of South Florida and major employers in the ‘Eds and Meds’ sectors, including five major hospitals and a top-ranked medical school.”
Added Sinberg, “It’s a privilege to support Continental Realty Corp. in securing financing that meets its long-term business objectives: buying properties at below replacement cost while maintaining a deliberate and conservative approach that uses only long-term, fixed-rate debt.”
“Henley Tampa Palms provides the unique opportunity to acquire a highly differentiated strategically-located multifamily community with a clear value-add strategy,” stated Ari Abramson, CRC’s Vice President of Acquisitions. “We intend to transform the property via a carefully orchestrated value-add program encompassing interior unit renovations and upgrades along with enhancement of common-area amenities.” Abramson added.
“The addition of Henley Tampa Palms to CRC’s portfolio represents an important milestone and spotlights the persistence and hard work of our entire team, along with the key market relationships they created and maintain,” stated JM Schapiro, CRC’s Chief Executive Officer. “With a high-performing multifamily community located just a few miles away, we have the opportunity to scale operations, generate cost and operational efficiencies, and accelerate our search for additional properties that satisfy our investment criteria. Additionally, the ability to source this transaction underscores the diligence of our acquisition professionals. Our team plans to continue targeting the southeast region for compelling investment opportunities, based on the favorable climate, high quality of life and the continuing population shift that is following corporate relocations and expansions. Henley Tampa Palms is a tremendous fit for our long-term strategy serving the interests of our investors,” Schapiro added.
Located at 15350 Amberly Drive, Henley Tampa Palms offers convenient access to major transportation routes, retail, dining, and employment centers. Situated within the Tampa Palms master-planned community, the property provides a tranquil environment surrounded by preserved land with proximity to key employment hubs and entertainment venues. The area is known for its suburban charm, featuring ample parks, trails, and high-quality residential neighborhoods, as well as the exclusive Tampa Palms Golf & Country Club.
Henley Tampa Palms is just 25 to 30 minutes from Tampa International Airport and about 20 minutes from Downtown Tampa, home to the vibrant Riverwalk and a wealth of cultural and entertainment options.
