LakeBridge Apartments in Tampa has been sold for $44.4 million by Insula Cos. The buyer, Blue Roc Premier Properties, paid $110,000 per unit for the 400-unit property. Built in 1985 on a 25 acre site, the asset is made up of 31 two story buildings. Ninety-six percent leased at the time of the sale, common amenities include a swimming pool, spa, tennis court, four laundry facilities and parking for 750 vehicles. Berkadia negotiated the deal on behalf of the seller and procured the buyer of the property, which last changed hands for $29.3 million in 2015.
“With the continued evolution of the Tampa market, a property situated in a convenient location has potential for serious value add implementation,” said Managing Director Jason Stanton of Berkadia’s Tampa office. “It also has the potential for a significant rental increase by renovating the unit interiors leveraging off of the exterior capital improvements that have already been made on the property.”
