Hendricks-Berkadia Negotiates $21.2 Million Sale of 420 Unit Park Place Luxury Apartment Community in Port Richey

TAMPA, Fla. --- Hendricks-Berkadia Apartment Real Estate Advisors, which ranks as one of the leading multi-family investment banking and research companies in the nation, recently negotiated the sale of the 420-unit Park Place apartment community at 9310 Valley View Lane in Port Richey off U.S. 19. Situated on 23.51 acres, amenities include two pools, Jacuzzi, tennis court, fitness center, two clubhouses, barbeque grills, laundry facilities, and car-care center. Jason Stanton, vice president based in Tampa, negotiated the sale with associate partner Hal Warren of the firm’s Orlando office, and Cole Whitaker, partner who heads Hendricks-Berkadia’s southeast region. Hendricks-Berkadia represented the sellers, Trail Port Richey, LLC and CC Port Richey Apartments, LLC, a partnership of Tom Cabrerizo and Maurice Cayon. Stanton said the investment property which was built in 1985, benefits from more than $1 million in renovations and improvements over the past three years and has the potential to increase future revenues through a value add program, increasing occupancy to market levels. Dorvidor Management Company, LLC paid $21,200,000 for the property.