News Summary
Ambrus Asset Management has successfully acquired Serenity Lake, a garden-style apartment complex in Tampa. The firm plans to negotiate with 12 holdout owners of remaining condo units. The acquisition, supported by a $28.5 million loan from Berkadia, aims to enhance operational efficiencies and rental income through renovations, amidst strategic location advantages near major employers and attractions.
Tampa, Florida – Ambrus Asset Management has acquired the Serenity Lake property, a garden-style apartment complex in Tampa, with plans to negotiate with the remaining 12 holdout owners of condo units on the site. This acquisition marks a significant move for Ambrus, which specializes in purchasing distressed residential properties and aims to enhance its portfolio in the region.
The acquisition of Serenity Lake was finalized in late July, and while the total purchase price has not been disclosed, Berkadia facilitated a substantial loan of $28.5 million to support the purchase. This financing package includes $23.25 million for initial funding, $4.1 million earmarked for capital improvements, and $1.185 million dedicated to buying and renovating the remaining condominium units. Currently, Ambrus owns all but 12 of the 260 total units at Serenity Lake, which is sprawled over 15.58 acres and consists of 248 residential units.
Eduardo Sanclemente, the president of Ambrus Asset Management, has expressed a commitment to offer fair market value and additional incentives for liquidity to the holdout owners, demonstrating the firm’s proactive approach to complete ownership of the property. Sanclemente noted that by acquiring Serenity Lake, the company anticipates achieving greater operational efficiencies and boosting rental income through planned renovations.
About Serenity Lake
Serenity Lake consists of 16 two-story concrete block buildings built in 1974, along with a single-story clubhouse and leasing office. The property features a mix of one- and two-bedroom apartments equipped with amenities like patios, balconies, and spacious closets. Residents enjoy various community features, including two swimming pools with sun decks, a fitness center, a business center, a dog park, picnic areas, grilling spots, and a fishing dock.
Strategic Location
The location of Serenity Lake plays a crucial role in its appeal, as it is situated near major employers such as the Veterans Hospital, AdventHealth Hospital, Moffitt Cancer Center, and companies like PepsiCo and Yuengling Brewery. Additionally, it is close to Busch Gardens, which enhances the demand for rental units in the area. Sanclemente believes that the proximity to these employers will positively affect unit improvement and rental demand.
Ambrus Asset Management’s Growth
Founded in 2008, Ambrus Asset Management has developed a strong portfolio by focusing on distressed residential properties. The company made its first acquisition in 2009 when it purchased a 219-unit fractured condominium project. The acquisition of Serenity Lake aligns with Ambrus’s strategy of driving net operating income (NOI) and optimizing property values for future refinancing rather than selling.
The company also owns Montierra Apartments, which is located adjacent to Serenity Lake, creating additional opportunities for operational synergies within their holdings. The planned renovations at Serenity Lake are aimed at upgrading all units, including installing modern vinyl wood floors, enhancing the living experience for current and future tenants.
In summary, Ambrus Asset Management’s acquisition of Serenity Lake signifies a commitment to expanding its footprint in the Tampa area while addressing the concerns of holdout condo owners. With a focus on improving unit conditions and leveraging its strategic location, Ambrus aims to build a thriving residential community that meets the needs of tenants in a competitive rental market.
Deeper Dive: News & Info About This Topic
HERE Resources
Hillsborough County Standoff Highlights Mental Health Needs Among Veterans
Berkadia Facilitates $28.5 Million Loan for Serenity Lake Community Acquisition
Additional Resources
- Florida Trend Real Estate
- Norada Real Estate: Florida Housing Markets at Risk
- ABC Action News: Florida Housing Market Cools
- Wikipedia: Real Estate in Florida
- Google Search: Florida Housing Market Trends
Author: STAFF HERE TAMPA WRITER
The TAMPA STAFF WRITER represents the experienced team at HERETampa.com, your go-to source for actionable local news and information in Tampa, Hillsborough County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Gasparilla Pirate Festival, Florida State Fair, and Tampa Riverfest. Our coverage extends to key organizations like the Tampa Bay Chamber of Commerce and United Way Suncoast, plus leading businesses in healthcare, finance, and technology that power the local economy such as BayCare Health System, Grow Financial Federal Credit Union, and KnowBe4. As part of the broader HERE network, including HEREJacksonville.com, HEREOrlando.com, HERESTPetersburg.com, and HERETallahassee.com, we provide comprehensive, credible insights into Florida's dynamic landscape.
