PETERSBURG, FL – Admiral Capital Group and ESG Kullen announced the sale of Trellis at the Lakes, a 688-unit multifamily property in St. Petersburg, Florida, in the Tampa MSA.
Admiral and ESG bought the apartment community for $80.9 million in September 2016 through a joint venture. The investment provided an opportunity to buy a well-located asset at a discount to replacement cost and provide a value housing alternative to the growing workforce in one of the top growth markets in the U.S. The asset was sold for $114 million, representing an increase of over 40% in value.
During its ownership, the joint venture set to improve the aesthetics and overall experience for tenants. The partnership renamed and repositioned the property through exterior enhancements by curing deferred maintenance and upgrading interiors. Improvements included construction of a new state-of-the-art fitness center, pool area enhancements, new outdoor kitchens, other amenity upgrades and landscaping across the property. Interior renovations included upgrading countertops, modernizing kitchens with new cabinets, appliances and flooring and bathrooms. The upgrades and improvements enhanced the offering to potential tenants providing a high-quality, cost-effective alternative to newer nearby assets with higher overall rents.
“Identifying under-capitalized assets in markets with a supply and demand imbalance has been a critical part of our growth and success in the multifamily space,” said Dan Bassichis, co-founder of Admiral. “With its strong fundamentals and accelerating job and population growth, Tampa has been a key market for Admiral, and this property was an ideal fit for executing our value-add investment strategy. We couldn’t be more pleased with the execution with ESG Kullen.”
Trellis is Admiral’s second asset in Tampa. Nationally, Admiral has bought over 12,800 multifamily units, 1.8 million square feet of office, 790,000 square feet of retail and 900 hotel keys. Trellis at the Lakes was Admiral’s first of two acquisitions with ESG Kullen. Admiral also partnered with ESG to buy a broke condominium property in Orlando.
“The Trellis sale is particularly exciting to us as it validates our Florida re-positioning thesis which focuses on design, value, sustainability and engagement,” said ESG Kullen principal, Eric Granowsky. “We still see outsized performance in Central Florida as population growth, projected jobs growth and supply/demand fundamentals continue to support strong multifamily absorption and look forward to replicating this success with Admiral and share its commitment to strengthening communities across the country.”

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NEW BRAUNFELS, TX – Sherman Residential is proud to announce its acquisition of Avenues at Creekside Apartments, a 2013-constructed Class A multifamily community located in New Braunfels, Texas.
Avenues at Creekside is in the rapidly growing submarket between San Antonio and Austin. Major corporations, such as PNC Bank and Continental Automotive, are expanding to New Braunfels and plotting to add over 1,000 jobs. With additional access to both downtown San Antonio and Austin s top employers as well as inclusion in Texas Education Agency s top-ranked Comal Independent School District, residents benefit from a prime location.
The 32-building property boasts 395 units and a curated combination of privacy features and community benefits, including:
Large apartment homes offering up to four bedrooms, multi-level floor plans, and elevator access.
Privacy conveniences such as direct entry, attached garages or assigned carports, personal patios/balconies, and complimentary virtual fitness memberships.
Comprehensive community amenities, such as a 24-hour state-of-the-art fitness center, newly renovated clubhouse with business center, splash park and playground, and fenced-in pet park.
On November 12, 2020, Sherman Residential bought and assumed the management of the property.
Scott Gould, Sherman s Senior Vice President, states: Sherman Residential is proud to announce the acquisition of the Avenues at Creekside Apartments located in New Braunfels, Texas. This acquisition continues our long-term commitment to the Austin/San Antonio apartment markets where we expect to expand our portfolio in the coming years.
With a dedicated team, they look forward to making a right sense of community for its current and future residents.

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LEBANON, PA – Walker & Dunlop, Inc. announced that it structured $20,400,000 in financing for Fox Ridge Apartments, a 170-unit multifamily community in Lebanon, Pennsylvania. The team arranged the refinancing on behalf of repeat-client, Boyd/Wilson, who has completed over $75 million in financing through Walker & Dunlop within the last six months.
Walker & Dunlop’s Philadelphia Capital Markets team, including Managing Directors, John Banas and Kris Wood, as well as Analysts John Wilson, Rhett Saltiel, and Erik DiGirolamo arranged the permanent financing through Fannie Mae. The team structured the deal with six years of interest-only payments and an attractive fixed rate for the ten-year loan term.
Mr. Banas commented, “With nearly 40 years of experience in commercial real estate development and property and construction management, Boyd/Wilson is an extremely strong family-run business with an brilliant understanding of the Pennsylvania market. We’re pleased to have completed another assignment with their team.”
Located in the scenic South Lebanon Township, Fox Ridge Apartments caters to young professionals and families alike. The property is just minutes from outdoor parks, restaurants, and shopping as well as desirable schools, which include Cedar Crest High School, Cedar Crest Middle School, and South Lebanon Elementary. The community also provides residents with ease of access to several neighboring cities, including Harrisburg, Lancaster, and Reading, which are approximately 30 miles away, and York, which is 40 miles away. Fox Ridge features distinct craftsmen architecture with modern community amenities, such as a clubhouse, a fitness room, pet stations, and ample green space. Each unit includes decks or patios and premium fixtures and finishes.

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