Teachers Insurance And Annuity Association (TIAA) Acquires Multifamily Property In Tampa For $58M

The 264-unit Berkshires at Citrus Park in Tampa has been sold for $58 million. The property is located at 6201 Gunn Highway in the Tampa market. The sale was completed between the seller, Berkshire Residential Investments represented by David Olney, and the buyer, Teachers Insurance and Annuity Association (TIAA) represented by Thasunda Brown Duckett. The transaction reflects strong investment activity in the Tampa Bay region, despite broader economic challenges in the multifamily real estate sector.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $58,000,000
• Address: 6201 Gunn Highway, Tampa
• Market: Tampa Bay
• Seller: Berkshire Residential Investments - David Olney
• Buyer: Teachers Insurance and Annuity Association (TIAA) - Thasunda Brown Duckett
• Units: 264
• Price Per Unit (PPU): $219,697

The sale of the Berkshires at Citrus Park to an entity linked to the Teachers Insurance and Annuity Association pension fund demonstrates ongoing strong investment interest in the multifamily real estate market in the Tampa Bay region. This transaction highlights the confidence in the asset's value and the appeal of the Tampa market for investors despite market challenges.