Fractured condo sale near the University of South Florida

Ambrus Asset Management has bought up 248 of the 260 units at a 51-year-old condominium community in Tampa. 

The real estate investment and property management firm plans to completely renovate and reposition the property, Serenity Lake, at 14508 Seaford Circle. 

Berkadia, which announced the transaction, arranged for a $28.35 million loan for the purchase — $23.25 million is for initial funding, $4.12 million is for capital expenditures, and $1.51 million is for the purchase and renovation of the remaining units. 

Ladder Capital is the lender. The terms were not disclosed. 

Serenity Lake, which is just outside the University of South Florida’s main campus, is made up of 16 two-story concrete block buildings and a single-story clubhouse and leasing office. 

The community was built in 1974 and sits on 15.58 acres. 

Serenity Lake’s units include one- and two-bedroom apartments with patios and balconies and washer/dryer connections. The community has two pools with sundecks as well as a gazebo and picnic area, grilling stations and a fishing dock. 

Berkadia’s Scott Wadler, Wes Moczul, Mitch Sinber, Matt Robbins and Brad Williamson worked on the deal.