Berkadia Arranges Sale of New Class AA Multifamily Community Located Between Tampa and Orlando

25 May 2022

The 250-unit property, Verso Luxury Apartments sold to ECI Group

Berkadia announces it has arranged the sale of Verso Luxury Apartments, a new, 250-unit, Class AA apartment community in Davenport, Florida, strategically located in-between the greater Orlando and Tampa metropolitan areas. Managing Director Brett Moss, Associate Director Tyler Swidler and Senior Managing Director Matt Mitchell of Berkadia Orlando and Tampa marketed the property on behalf of the seller, TTI Capital, a real estate investment and private equity firm based in Reston, Va. ECI Group, a privately owned real estate organization based in Atlanta, Ga, purchased the property.

Berkadia also arranged the sale of the property last year to the seller. Following the acquisition by TTI Capital, Verso was awarded the “2021 Multifamily Deal of the Year” designation by the Tampa Bay Business Journal.

“Verso presented investors with a tremendous opportunity to acquire a premier asset with predictable cash flows in one of the Sunbelt’s most resilient, high-growth and well-performing apartment submarkets,” said Moss.

Built in 2020 and located at 6100 Echelon Way, Verso Luxury Apartments offers one-, two- and three-bedroom apartments averaging 859 square feet to 1,427 square feet. Individual units feature 9- and 10-foot ceilings, quartz countertops, stainless steel energy efficient appliances, designer cabinets, industrial glass pendant lighting, NEST thermostats, wood-style plank flooring, walk-in California closets, electronic keyless entry, USB charging ports, dual vanities and walk-in showers, full-sized washer and dryers and fenced in backyards. The gated community amenities include a clubhouse, resort-style pool with a sun shelf and private cabanas, a spa, an outdoor kitchen and grill area, fire pit, game room, fitness center, lockers, coffee bar, a pet park and spa, and valet trash services.

In addition to being ideally situated at the confluence of the award-winning master-planned communities of ChampionsGate and Reunion, Verso’s location within Polk places it within the state of Florida’s #1 county for gross net migration, with an average of 47 people per day moving to Polk County, according to recent U.S. Census data. Further, Verso benefits from being located within 30 minutes of more than 2,000 hospital beds, as well as being situated at the equidistant point between two of the fastest-growing MSA’s in the country, Orlando (#3) and Tampa (#5).