6201 Gunn Highway | Tampa, FL 33625
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Quick Stats
±22.45 Units Per Acre
DENSITY
±1.47 Acres
PARCEL SIZE
1,531
Apartment
Homes Avg SF
2016
BUILT
Year Built
2000
Total Units
264
Avg Unit Size
957 SF
Market REnt
$1,791
Executive Summary:
Berkadia is pleased to present the opportunity to acquire Berkshires at Citrus Park (the “Property”), 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. Held under the same ownership since 2005, a majority of the Property’s units are in “classic” condition providing investors the opportunity to execute value-add renovations aimed at raising rents in line with nearby communities where rents are as much as $300 higher. Furthermore, year-to-date leasing trends offer investors an opportunity to quickly mark-to-market the rent roll.
The Property is located in the Citrus Park neighborhood of Tampa, an infill suburban community with strong demographics, rising home values, well-rated schools, and an abundance of retail and recreational opportunities. Citrus Park provides residents immediate access to the Westshore Business District, Tampa’s largest office market, and a short commute to other major employment centers. Berkshires at Citrus Park’s high-quality characteristics, excellent location, and immediate upside potential combine to position the property for significant upside and strong long-term performance.
Investment Highlights:
Exceedingly rare 2000-vintage, nine-foot ceiling, institutional-quality value-add opportunity
Infill, high barriers-to-entry Citrus Park / Carrollwood location
High affordability ratio relative to income levels indicate good elasticity of demand
Significant trade-outs present compelling mark-to-market opportunity
Multiple opportunities to add value - majority of units with "classic" finishes
Ultra-convenient proximity to Tampa’s largest office market (Westshore Business District) and retail amenities
Top market in the U.S. for growth dynamics
Classic chef-style kitchens with pantry and serving bar
Expansive 9-foot ceilings
Desk and planning nook*
Full-size washer and dryer in every unit
Ceramic tile in foyers and 3 bedroom kitchens*
Vinyl flooring and stainless steel appliances*
Ceiling fans in living room
New 2" blinds throughout
Spacious walk-in closets
Private screened patios
Storage closet in every 1 & 2 bedroom apartment home
Lake and nature preserve views*
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Interior Features
Community Amenities
Berkshires at Citrus Park offers thoughtfully designed 1, 2 & 3 bedroom floor plans with the following features:
*In Select Units
Resort style swimming pool with sundeck
Fitness & cardio center
Lakeside picnic area with grills
Controlled access entry
Business center
Two fenced dog parks
Detached garages available
Mature landscaping
Lake with fountain and fishing pier
Lakeside walking path with serene seating
Car care facility
Valet trash service
Berkshires at Citrus Park offers a low-density property layout with mature landscaping where residents can enjoy the following amenities:
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*In Select Units
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Photo GALLERY
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
Matt Mitchell
Senior Managing Director
813.217.3419
matt.mitchell@berkadia.com
Bailey Smith
Associate
813.675.0121
bailey.smith@berkadia.com
Wade Sarchet
Financial Analyst
813.675.0465
wade.sarchet@berkadia.com
Investment Sales
TAMPA
4890 West Kennedy Boulevard
Suite 940
Tampa, FL 33609
P. 813.675.0469
Offices & Contact Information
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Executive Summary
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Contact
Jason Staton
Senior Managing Director
727.244.3329
jason.stanton@berkadia.com
Bryan Brown
Vice President
352.478.1183
bryan.brown@berkadia.com
Alec Fox
Associate Director
727.871.9576
alec.fox@berkadia.com
Market Rent/SF
$1.87
