TEMPLE TERRACE, FL—A joint venture of The Michaelson Group of Jacksonville, FL and GMF Capital of New York City has acquired a 384-unit multifamily property here in this northeast suburb of Tampa for $43.2 million.
The deal marks the second acquisition for The Michaelson Group this month in the City of Temple Terrace.
Mortgage banking firm Berkadia announced the deal for Allister Place at 4939 East Busch Blvd. Berkadia senior managing director Cole Whitaker of Orlando and director Jason Stanton of Tampa brokered the transaction on behalf of the seller—Aspen Square.
The Berkadia South Florida team of senior managing director Mitch Sinberg and associate director Matt Robbins arranged a 10-year, $34.6-million fixed-rate loan originated by Freddie Mac. The financing features five years of interest-only payments, followed by a 30-year amortization and an aggressive fixed rate for the Michaelson Group-GMF Capital joint venture, Berkadia reports.
“Strong annual net migration coupled with greater housing demand in the area has made Tampa one of America’s fastest growing cities,” says Berkadia’s Sinberg. “The region’s economy has consistently grown over the past two years, and still continues to flourish as the area has added about 30,000 jobs to the market.”
Allister Place, built in 1986, features one- and two- bedroom units equipped with walk-in closets, chef style kitchens with granite-style counter tops and stainless-steel appliances. Community amenities include a clubhouse, business center, storage space, 24-hour fitness center, a resort style swimming pool, and front desk concierge services. The asset also includes 24-hour maintenance, lake views and poolside cabanas, Berkadia states.
Allister Place is located near I-275, I-4, and I-75 and is within a short distance from the University of South Florida, Busch Gardens, Raymond James Stadium and Florida hospitals. The property is also minutes away from Downtown Tampa.
The purchase of Allister Place continues a very active month for The Michaelson Group. The multifamily real estate investment and management firm and a private equity investor announced earlier this month the acquisition of Heritage at Temple Terrace Apartments, a 126-unit multi-housing community located at 10605 North 56th St. in Temple Terrace.
Michaelson also reported this month the purchase of Escondido Village, a 388-unit multi-housing community located at 7226 Blanco Road, San Antonio, TX.
In early February, the company and a private equity investor acquired The Oaks at San Jose, a 200-unit multi-housing community in the Lakewood neighborhood of Jacksonville, FL. No financial terms of those three transactions were reported.
On the management side of the business, The Michaelson Group reported earlier this month it was selected by a private equity fund to provide property management services at Palm Trace Apartment Homes, a multi-housing community located at 6870 103rd St. in Jacksonville.