Citrus Park apartments sell for $58 million
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Oct 31, 2023

A Citrus Park apartment complex has sold for $58 million.

The 264-unit Berkshires at Citrus Park sold to an entity linked to the pension fund Teachers Insurance and Annuity Association on Oct. 27, according to Hillsborough County property records. The seller, Boston-based Berkshire Residential Investments, paid $32 million for the complex in 2015, property records show.

The sales price breaks down to $219,696 per key. The complex is at 6201 Gunn Highway, across the street from Walmart and surrounded by several medical office properties.

While multifamily properties face economic headwinds across the U.S., investment activity in the Tampa Bay region has remained strong throughout 2023. Sizable properties have sold on both sides of Tampa Bay, and a high-rise development site in downtown Tampa recently sold. A Boca Raton developer recently closed on a property for market-rate apartments in downtown's Encore district.