June 14, 2017 Comments Off on Tampa Value-Add MF Trades for $52.5M Views: 607 Florida, National News, Southeast, Washington, D.C.

Tampa Value-Add MF Trades for $52.5M

ARA, A Newmark Company completed the $52.5-million sale of Enclave at Wesley Chapel, a 312-unit multifamily asset in Tampa, FL, as well as the agency financing as part of a 1031 exchange for the sale of the suburban value-add property. ARA Newmark’s Patrick Dufour, Scott Ramey and Ryan Crowley represented Chicago-based Sherman Residential in the sale to Denver-based Valhalla Holdings.

“Buyer demand is at an all-time high,” said Dufour. “Given such limited investment opportunities and favorable market conditions, buyers are aggressively trying to pre-empt the marketing process and secure the asset with compelling pricing and terms.”

Located in Pasco County, Enclave at Wesley Chapel has access to SR56 and is two miles from I-75. Property amenities include a resort-style pool, fitness center, dog park and business center.

NKF Capital Markets’ Matt Williams arranged $28.9 million in financing from Freddie Mac through a seven-year fixed-rate loan.

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