Pembrook Capital Management is providing a $14.259 million preferred equity investment to finance the construction of a 360-unit, Class-A multifamily property located in Tampa.
The sponsor in this transaction is 2nd Wave Development and the investment company will serve as owner and operator of the complex which will be known as The Asbury Apartments.
Upon completion, the development will include 27-buildings with 366,656 sq. ft. of rentable area. The 34-acre site will include 14 residential buildings, 10 garages, two clubhouses, one maintenance building, and 655 total parking spaces.
The 360 units at the property will comprise 176 one-bedroom/one bath units, along with 148 two-bedroom/two bathroom, 12 three-bedroom/two bathroom, and 24 three bedroom/two and a half bathroom units.
The property is situated at the intersection of Camden Field Parkway and South Falkenburg Rd. near Interstate 75, which allows residents direct access to downtown Tampa, Brandon, and the larger Southshore area.
The community amenities will include two clubhouses with a fitness center, yoga studio, leasing office, business center, conference center, sauna, steam room, café, club room with lounge area, five private workstations, leasing offices, package receiving and storage locker system/mail room, along with a business center and conference room. The outdoor amenities of the property include two saltwater pools with sundecks, covered outdoor patios with seating, fireplace, pool pavilion, small and large dog parks, gated entrances and detached garages.