Berkadia, a leader in the commercial real estate industry, announced the sale of Oasis at Bayside, a 304-unit apartment community located in Largo, Florida, approximately 20 minutes from Downtown Clearwater and 30 minutes from Downtown Tampa.
Senior Managing Director Jason Stanton of Berkadia South Florida, along with Berkadia Central & North Florida, led the transaction on behalf of the seller, Latitude Management Real Estate Holdings of Beverly Hills, California. The buyer, a joint venture between Gravel Road Partners, a multifamily investor and developer based in Greenwich, Connecticut and Washington, D.C., and Bridge Investment Group, an investment company headquartered in Salt Lake City, Utah.
“Oasis at Bayside represented an exciting acquisition opportunity in one of the fastest-growing metro areas in the country,” explained Stanton. “The purchase provided the new owner with an opportunity to invest in a value-add property in an infill Pinellas county location.”
This deal was structured as a public-private partnership between Gravel Road Partners, Bridge Investment Group, Pinellas County and the Housing Finance Authority of Pinellas County. New ownership worked alongside Pinellas County to preserve affordability for tenants earning between 50% and 80% of the Area Median Income (AMI) across 85% of the property.
“Oasis at Bayside presents a unique investment opportunity by creating meaningful social impact while generating stable financial returns. Our partnership with Pinellas County establishes a creative framework for preserving essential housing solutions for the county’s workforce renters,” said Tyler Herbert, Founding Partner at Gravel Road.
Located at 305 Glades Circle, close to US Highway 19 and I-275, the property was built in 1974 and consists of one-, two- and three-bedroom apartments ranging from 650 to 1,100 square feet. The property had both partially renovated and fully renovated units available with features including granite countertops and stainless steel appliances. Property amenities include a pool, fitness center, dog park, sports court, picnic area, playground, and laundry facility.
Oasis at Bayside is centrally located in Largo with convenient access to all the Tampa metro’s major employment hubs. The property is minutes from St. Pete-Clearwater International Airport, TD SYNNEX, Carillon Office Park, HCA Florida Largo Hospital, and HCA Florida Largo West Hospital.
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.
