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Gravel Road Partners And Bridge Investment Group Acquire Multifamily Asset In Largo For $42.25M

Property Image
SOLD
$42,250,000
Jason Stanton
Robert Morse
Jonathan Slager

Florida

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MultiFamily
Sold 03/20/2025
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Property Image
SOLD

Gravel Road Partners And Bridge Investment Group Acquire Multifamily Asset In Largo For $42.25M

305 Glades Circle

See Similar Deals
MultiFamily
Sold 03/20/2025
Jason Stanton
Robert Morse
Jonathan Slager
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:MultiFamily
Transaction Type:Sale

The property involved in this transaction is a multifamily asset located at 305 Glades Circle in Largo. It was sold for $42,250,000.00 and consists of 304 units.

Summary of transation details:

  • Property Type: MultiFamily
  • Transaction Amount: $42,250,000.00
  • Address: 305 Glades Circle
  • Market: Largo
  • Units: 304
  • Seller: Latitude Management Real Estate Investors
  • Buyer: Michael Burke, Tyler Herbert & Thomas Toepke - Gravel Road Partners; Robert Morse & Jonathan Slager - Bridge Investment Group
  • Brokers: Jason Stanton - Berkadia

This transaction was facilitated by Jason Stanton representing the broker agency Berkadia. The buyers include two groups, Gravel Road Partners and Bridge Investment Group, with their respective individuals involved in the acquisition of this property.

Players

Jason Stanton
Berkadia
Jason Stanton
12 deals$565.6M volume(727) 674-4097
BROKER

Details

SOLD
IMAGE: Thomas Toepke, Jason Stanton, Michael Burke, Robert Morse, Tyler Herbert & Jonathan Slager DATE: 03/20/2025 ADDRESS: 305 Glades Circle MARKET: Largo ASSET TYPE: Multifamily BUYER: Michael Burke, Tyler Herbert & Thomas Toepke - Gravel Road Partners; Robert Morse & Jonathan Slager - Bridge Investment Group (@Bridge.CRE) SELLER: Latitude Management Real Estate Investors BROKER: Jason Stanton - Berkadia (@Berkadia) SALE PRICE: $42,250,000 UNITS: 304 ~ PPU: $138,980 NOTE: Gravel Road Partners and Bridge Investment Group purchased The Oasis at Bayside in Largo for $42.25M and will convert it into affordable housing with extensive renovations. The 304-unit complex, with 85% of units set for tenants making 80% or less of the area median income, is part of a public-private partnership involving Pinellas County and the Housing Finance Authority of Pinellas County.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$2,253,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$150,105.34
Cash-on-Cash Return-1.27%
Monthly Debt Service$200,286.55
Annual Debt Service$2,403,438.66