Ambrus Asset Management Acquires Serenity Lake in Tampa: A Strategic Move for Growth and Renovation
Ambrus Asset Management Expands Footprint in Tampa with Acquisition of Serenity Lake
July 2023 – Tampa, Florida
In a strategic move to enhance its portfolio, Ambrus Asset Management has acquired a significant portion of Serenity Lake, a garden-style community located in the heart of Tampa. The deal, finalized in late July, involved the purchase of 248 out of 260 units from multiple sellers, with the total purchase price undisclosed.
Eduardo Sanclemente, president of Ambrus, noted that the acquisition was not just a business decision but a natural extension of their existing operations. Ambrus already owns Montierra Apartments, situated right next to Serenity Lake. “While we were making repairs earlier this year, we decided to keep access open between the two properties,” Sanclemente explained. This foresight proved beneficial when the sellers reached out to reopen negotiations.
Founded in 2008, Ambrus specializes in acquiring distressed residential properties, with a track record that includes the purchase of a 219-unit fractured condo deal in 2009. The Serenity Lake community, built in 1974 and spanning 15.58 acres, features 16 two-story concrete-block buildings and a single-story clubhouse. The property boasts one- and two-bedroom units equipped with patios, balconies, and spacious closets.
Berkadia facilitated a $28.5 million loan for the acquisition, which includes $23.25 million in initial funding, $4.1 million for capital expenditures, and $1.185 million earmarked for the purchase and renovation of the remaining 12 condo units. Sanclemente emphasized the importance of demonstrating a strong track record to lenders, stating, “We’ve built an incredible reputation in Tampa over the last eight years, focusing on driving net operating income and exiting the investment cycle through refinancing rather than selling.”
With this acquisition, Ambrus aims to implement a comprehensive renovation plan for Serenity Lake. “We plan to upgrade all units, including the installation of vinyl wood floors,” Sanclemente said. The property also features in-unit washers and dryers, which are expected to significantly enhance rental value.
Community amenities at Serenity Lake include two swimming pools, a fitness center, a business center, a bark park, and a fishing dock, making it an attractive option for potential tenants. Its prime location within the University submarket of Tampa places it in proximity to major employers such as Veterans Hospital, AdventHealth Hospital, and the University of South Florida.
Sanclemente expressed optimism about the future of Serenity Lake, stating, “Being close to hospitals and the university will positively impact our unit improvements and overall tenant satisfaction.”
As Ambrus Asset Management continues to grow its presence in Tampa, the acquisition of Serenity Lake marks a significant milestone in its mission to revitalize and enhance residential communities across the region.