Berkadia has arranged the sale of Palma Ceia Hyde Park Apartments, a 122-unit garden-style multifamily property located in the Historic Hyde Park section of Tampa, Florida. Jason Stanton Managing Director of Berkadia’s Tampa office and Cole Whitaker, Senior Managing Director of Berkadia’s Orlando office, arranged the sale on behalf of McKinley Companies LLC. Laramar Group purchased the property for $20.3 million.
“Palma Ceia is a well-located infill property in the heart of South Tampa with considerable upside potential,” said Stanton. “The previous owner made several capital improvements, including exterior painting, amenity enhancements, granite countertops and cabinets, and lush landscaping. The new owner will be able to leverage off these improvements.”
Built in 1973, Palma Ceia Hyde Park features studio, one- and two-bedroom apartments, averaging 648 square feet. Individual units feature carpeted bedrooms with ceramic tile flooring in main living areas, large closet space, energy-efficient appliances, granite countertops, and central air conditioning and heat. The community offers resort-style amenities including a 24-hour fitness center and laundry facility, swimming pool, grilling station, and outdoor kitchen.
Built in 1973, Palma Ceia Hyde Parkis situated at 2402 Teresa Circle. The complex is centrally located with premier access to Downtown and South Tampa, Historic Ybor City, Channelside, and St. Petersburg, making for easy access to popular restaurants, coffee shops, and other attractions in Hyde Park such as the Palma Ceia Country Club. The property is also within the Hillsborough County Public School District and zoned for top-ranked elementary, middle and high schools.
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. To learn more about Berkadia, please visit www.berkadia.com.