Hatfield Development Sells 252-Unit Preserve at Riverwalk Apartment Community in Florida

TAMPA, FL - JBM Institutional Multifamily Advisors has facilitated the sale of the Preserve at Riverwalk Phase I, totaling 252 units for a purchase price of $46,410,000 or $184,167 per unit. The 48 units in Phase 1B are under construction and slated to close first quarter 2020 (not included in this transaction).  

Jamie May, Chairman & CEO of JBM Institutional Multifamily Advisors, stated the property’s desirability and locational attributes helped facilitate a successful closing. 

The sale of Phase I consisted of seven, three-story buildings located on a 10.46 gross acre site, offering a diverse unit mix of one, two and three-bedroom units with an average unit size of 1,055 square feet. Interior features include some of the most up-to-date efficiency and design trends in the industry including granite counter and vanity tops, 42” espresso shaker-style cabinetry, white ceramic tile backsplash, brushed nickel faucets, stainless steel appliance package including attached micro-hood, faux wood plank and ceramic tile flooring, nine-foot ceilings, French-style doors, full size washer and dryers, large soaking tub or stand-up shower with ceramic tile wainscot, six-panel interior doors, hurricane impact resistant windows, designer track and dome lighting and brushed nickel accoutrements.

The complete amenity package includes a well-appointed clubhouse featuring a state-of-the-art 24-hour fitness center, resident lounge with coffee bar, Luxer brand package and receiving with storage lockers and cyber station, a resort-style heated swimming pool with expansive brick-paver sun deck featuring a poolside trellis with summer kitchen and grills, fire pit, cantilevered umbrellas, poolside tables and lounge chairs, controlled access gated entry, Evolution brand dog wash facility and dog park.

The property was purchased by Becovic Management Group, who owns 858 units in Jacksonville. The JBM Institutional Multifamily Advisors team has listed and sold over 121,278 units within the Tampa and Southwest Florida markets, and over 157,000+ units throughout Florida.