TAMPA, FL-Boston-based Berkshire Income Realty Inc. has entered the Tampa Bay multifamily market with a $27.52-million cash-and-debt purchase of the 264-unit Savannah at Citrus Park Apartments from SCP Apartments LLC and Madison-Clinton-Tampa LLC.
Berkshire is assuming an existing mortgage of $15.72 million as part of the deal, according to its filing with the Securities and Exchange Commission. The balance will be paid in cash. The deal is expected to close no later than Oct. 1.
Berkshire is a real estate investment trust that owns 23 multifamily apartment communities in the Baltimore/Washington, DC metro area; Virginia; Houston; Dallas; Austin, TX; Chicago; Fort Lauderdale, FL; and Charlotte, NC.
A Berkshire representative declined to disclose why the deal is being done at this time, the estimated occupancy at closing, estimated age of the property and names of brokers who represented the buyer and seller.
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