Berkadia Completes the Sale of Berkshires at Citrus Park in Tampa, Florida
TAMPA, FL – November 3, 2023 – Berkadia announced today the sale of Berkshires at Citrus Park, a 264-unit, garden-style multifamily property located in the Citrus Park submarket of Tampa, Florida. Senior Managing Director Matt Mitchell and Jason Stanton and Associate Bailey Smith of Berkadia Central & North Florida led the sale on behalf of the seller, Boston-based Berkshire Residential. The buyer was Nuveen Real Estate and the deal closed on October 27.
“This is a strategic infill acquisition located in the Tampa MSA. Our plan is to renovate and rebrand the property as Sole at Citrus Park. Expanding our housing portfolio remains as one of our main objectives in our investment strategy,” said Carlos Burneo, Head of Housing Development and Florida transactions for Nuveen.
“This was an exceedingly rare 2000-vintage, nine-foot ceiling, institutional quality value-add opportunity with significant upside in a high barriers-to-entry, strong demographic submarket of Tampa.” said Mitchell.
Located at 6201 Gunn Highway, the property is situated in Tampa’s Citrus Park neighborhood, an infill suburban community directly north of the Westshore Business District, Tampa’s largest office market, and a short commute to other major employment centers such as Downtown Tampa and the Innovation District and Gateway. Berkshires at Citrus Park was built in 2000 and features amenities such as a resort-style swimming pool with sun deck, fitness and cardio center, clubhouse with business center, gated access, lake with fountain and fishing pier, two dog parks, and a picnic area for barbecues.