Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

TAMPA, FL-Berkshire Income Realty Inc. has closed its $27.5-million deal with SCP Apartments LLC and Madison-Clinton-Tampa LLC for the three-year-old, 264-unit Savannah at Citrus Park Apartments, as GlobeSt.com reported Aug. 17.

At the closing, the Boston-based REIT took on $15.72 million of debt and paid out $11.8 million cash for a per-unit cost of about $104,242, says Berkshire president and CFO David Quade.

“The acquisition of Savannah affords the company the opportunity to enter a new submarket in Florida with the purchase of a quality asset,” Quade says in a prepared statement. “Savannah is a relatively new asset located in what we believe is a strong and desirable rental market with convenient access to extensive retail shopping outlets and major highways, while offering its tenants an attractive amenities package, including detached garages.”

Quade hints the property could be converted to condos in the near future. “Savannah fits nicely into the company’s acquisition strategy and represents a candidate for a successful repositioning, based on modes renovations planned for the property.”

Berkshire owns 23 multifamily apartment communities in the Baltimore-Washington, DC corridor; Virginia; Houston; Dallas; Austin, TX; Chicago; Fort Lauderdale; and Charlotte, NC.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.