News Summary
Berkadia has arranged a $28.535 million loan for Ambrus Asset Management to acquire the Serenity Lake Community in Tampa. The loan covers 248 housing units and supports renovations to enhance the property’s competitiveness in a growing market. Located strategically, the community benefits from proximity to major employers and ongoing developments in the area, positioning Ambrus for success in Tampa’s vibrant real estate scene.
Tampa, Florida – Berkadia has successfully arranged a $28.535 million loan to facilitate the acquisition of the Serenity Lake Community, a vintage garden-style residential complex in Tampa. The loan encompasses 248 of the 260 units within this community, marking a significant investment in the local real estate market.
The financing was secured by Berkadia managing directors Scott Wadler and Wes Moczul from their offices in Miami and Orlando, respectively. Key support was provided by Senior Managing Director Mitch Sinberg and Managing Directors Matt Robbins and Brad Williamson from the Boca Raton office. The borrower for this loan is Ambrus Asset Management, which plans to implement substantial renovations and repositioning of the property.
The structure of the financing is comprised of several components: $23.25 million is allocated for initial funding; $4.12 million is earmarked for capital expenditures (CapEx); and $1.51 million is designated for the acquisition and renovation of the remaining condominium units. This comprehensive financing strategy supports Ambrus’s vision to enhance the community and achieve a competitive market position.
Acquisition Details
Ambrus Asset Management identified Serenity Lake as a unique opportunity, particularly as it is located well below replacement costs while still generating robust cash flow and yield. The acquisition also presents Ambrus with the advantage of economies of scale, considering they already own an adjacent property and two additional multifamily assets within a two-mile radius.
Strategic Location
Serenity Lake, constructed in 1974, is located at 14508 Seaford Circle and covers a site area of 15.58 acres. It features 16 two-story concrete block buildings, alongside a single-story clubhouse and leasing office. The community consists of one- and two-bedroom units equipped with oversized closets, patios/balconies, and washer/dryer connections.
Situated within the University submarket of Tampa, Serenity Lake benefits from strategic access along E Bearss Avenue. The area is recognized for its proximity to several prominent employers, including the Veterans Hospital, AdventHealth Hospital, Moffitt Cancer Center, PepsiCo, Yuengling Brewery, and Busch Gardens, which collectively contribute to a strong local economy.
Market Dynamics
The Tampa region is currently experiencing significant growth, with over $2 billion in new developments under way. This includes a $1 billion redevelopment project at University Mall, which is set to further enhance the area’s attractiveness to residents and investors alike. Such developments are a testament to Tampa’s economic vitality and solid investment fundamentals, aspects that were emphasized by Ambrus in their strategic acquisition approach.
The management of the Serenity Lake Community will focus on renovations intended to modernize the property and align it with current market demands, ensuring it remains competitive in a rapidly evolving landscape. As the market continues to grow, Ambrus Asset Management is poised to leverage its investment while contributing positively to the local housing market.
This latest transaction underscores the ongoing investment activity in the Tampa area, reinforcing its status as a key player in Florida’s real estate sector. As developers and investment firms continue to recognize the value and potential inherent in properties like Serenity Lake, the trend towards revitalization and growth is expected to persist.
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Additional Resources
- Serenity Lake Community Acquisition
- Wikipedia: Tampa
- Johns Avenue Apartments
- Google Search: Tampa real estate
- Marksdale Gardens
- Google Scholar: Tampa real estate market
- Encyclopedia Britannica: Tampa
- Google News: Tampa real estate investment
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.
