Ambrus Expands Portfolio with $31M Acquisition of Serenity Lake in Tampa

Ambrus Asset Management has expanded its multifamily footprint in Tampa with the $31 million acquisition of Serenity Lake, a fractured condominium community in the University submarket.

The Tampa-based hedge fund, which already owns three multifamily properties in the area, purchased 248 of the 260 units at Serenity Lake, located at 14508 Seaford Circle. The community includes 16 two-story residential buildings and a clubhouse across 15.5 acres. Built in 1974, Serenity Lake offers one- and two-bedroom units with oversized closets, private patios or balconies, and washer-dryer connections. Residents also enjoy a range of amenities including two swimming pools, a fitness center, business center, dog park, gazebo, picnic and grilling areas, and a fishing dock.

Financing the Deal

Berkadia arranged a $28.5 million loan on behalf of Ambrus for the acquisition. Ladder Capital provided the financing, which includes $23.25 million in initial funding, $4.12 million designated for capital improvements, and $1.51 million to acquire and renovate the remaining individually owned condo units.

For context, a fractured condominium is a property where some units are individually owned as condos while the majority are operated as rental apartments—a structure that often creates unique investment opportunities.

Renovation and Repositioning Plans

Ambrus Asset Management plans to implement a full propertywide renovation and repositioning strategy for Serenity Lake.

“The successful acquisition and repositioning of Serenity Lake marks a significant milestone in the continued expansion of Ambrus Asset Management,” said Eduardo Sanclemente, president of Ambrus. “With Serenity Lake, we are not only gaining scale but also enhancing the quality of living for residents through thoughtful renovation and community-driven improvements.”

Building on a Growing Portfolio

This latest purchase builds on Ambrus’ existing holdings in the Tampa market, which include Montierra Apartments, Uptown Apartments, and Palm Square—all located in the University submarket. According to the company, its portfolio strategy centers on acquiring distressed multifamily assets and stabilizing them through hands-on management and renovations.

Serenity Lake previously sold for $20.4 million in 2020 to Coral Gables-based Elandis Multifamily Real Estate, making Ambrus’ acquisition another notable transaction in the area’s multifamily investment activity.