Sunstone Properties Trust Acquires 392-Unit Multifamily Property For $42.2M
Westlake Village, CA - Southern California based Sunstone Properties Trust has entered the Tampa market with the acquisition of Carlyle at Waters.
Purchased for $42.2M the multifamily property spans over 12.7 acres with 16 buildings, covered parking, 3 swimming pools, 2 ponds, and lakeside views for half the apartment units.
The 1985 garden-style apartments are a mix of one-bed/one-bath and two-bed/two-bath floorplans, with ample kitchen and storage areas, full-sized washer/dryer connections, and screened in patios.
Carlyle at Waters is centrally located with easy access to the Tampa Bay region - all within twenty minutes: Downtown Tampa, USF, the University of Tampa, Tampa International Airport, the Westshore Business District, and eight of Tampa's largest hospital campuses.
Sunstone's renovation scope will include full interior upgrades, renovation of the leasing office and pools, a buildout of an outdoor kitchen, and a fitness center.
CBRE's Tampa multifamily team brokered the deal and Berkadia assisted in securing financing through a Freddie Mac Moderate Rehab loan.