HENDRICKS-BERKADIA NEGOTIATES SALES OF NEWPORT SQUARE APARTMENTS

Tampa, Fla. – Monument Real Estate Services, LLC of Coral Gables has sold the apartment community Newport Square to Park Pointe Apartments, LLC a Tampa-based multi-family investment company. Newport Square consisting of 188 units located at 5505 North Himes Avenue sold for $8.925M and was the last part of a three property portfolio consisting of Newport Riverside and Newport Pointe which were purchased by a separate ownership group. The total portfolio consisted of 480 units and had to sales value of $19.15M. Newport Square, built in 1970, is located off North Himes Avenue and is situated on 9.45 acres with 11 buildings containing one, two, and three bedroom floor plans that average 1,181 square feet in size and $782 per month in rent. Amenities included a playground, clubhouse, laundry facility, wading pool, and a swimming pool with a sun deck. Hendricks-Berkadia’s Vice President Jason Stanton, based in Tampa, negotiated the transaction with partners Cole Whitaker and Hal Warren out of their Orlando office on behalf of the Sellers. Stanton said the new owner has planned a value-add program for the community to increase the overall quality of the units and the community’s curb appeal allowing for future revenue and occupancy increases.