Florida

LARGO, FLA. — Berkadia has brokered the $54 million sale of Madison at Largo, a 444-unit property located at 601 E. Rosemary Road N.E. in Largo, a city in the Tampa Bay area roughly five miles from downtown Clearwater. Since purchasing the property in 2011 for $14.3 million, the seller, West Springfield, Mass.-based Largo Landry LLC, completed major interior and exterior renovations of Madison at Largo. Jason Stanton, Cole Whitaker, Hal Warren and Tal Frydman of Berkadia brokered the transaction. Community amenities include three resort-style pools, a 24-hour fitness center and a lounge with pool tables and bistro seating. Individual residences include breakfast bars, carpet and wood-style flooring, washer and dryer connections and private patios or balconies.

WINTER PARK, FLA. — The RADCO Cos. has purchased The Park at Sutton Place Apartments, a 288-unit apartment community in Winter Park, a suburb of Orlando. RADCO acquired the property for $32.1 million and plans to invest $3.7 million for capital improvements. The Atlanta-based multifamily investor plans to rename the Class B property Lakeside at Winter Park and manage the community under its RADCO Residential management platform. RADCO used private capital and financing from BBVA Compass to fund the acquisition and renovation. CBRE’s Orlando office brokered the transaction. Built in 1986 within walking distance of Full Sail University, the property features three on-site lakes, a clubhouse, business center, fitness center, car care center, swimming pools and racquetball, basketball and volleyball courts. Lakeside at Winter Park is RADCO’s first acquisition in metro Orlando and its fourth in Florida.

TEMPLE TERRACE, FLA. — Tampa-based Blue Rock Premier Properties LLC has purchased the 776-unit River Chase Apartments in Temple Terrace, a city within Tampa’s metropolitan area. Blue Rock Premier bought the property from CNLKOR River Chase LLC for $70 million. River Chase was roughly 97 percent occupied at the time of sale. The new buyer plans to invest $6.7 million in capital improvements to the exterior and interior of the asset, which will be rebranded as The Park at Valenza. The improvements will include gated entry, clubhouse, fitness center, coffee shop, wood flooring, cabinets, counters, new appliances and washer/dryer units in every residence. Grandbridge Real Estate Capital provided acquisition financing for Blue Rock Premier, a multifamily investment firm led by Randy Ferreira in partnership with Deerfield Beach, Fla.-based Konover South LLC. Jamie May, Edward Yang and Jonathan Barclay of JMB Tampa brokered the transaction.