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.