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Oct. 11, 2013

TODAY’S DEALS: Tampa Apartment Community Trades for $32M

Bristol Place Apartments. jpgTampa, Fla.—Institutional Property Advisors has completed the sale of Bristol Place Apartments, a 340-unit community in Tampa. The $32 million sales price equates to over $94,000 per unit. The seller was AVR Realty Co. The buyer was Preston Giuliano.

“Bristol Place Apartments of Tampa Palms has tremendous value-add potential through strategic capital investments in interior unit renovations,” says Jamie May, executive director at IPA. “The asset provides new ownership with an opportunity to capitalize on rental rate increases as the apartment market is expected to enter a prolonged recovery period.”

The community was built in 1992 and sits on 22 acres in Tampa Palms, a 5,400-acre master-planned community. The gated multifamily asset includes 20 buildings and an amenity package featuring a resort-style pool, gazebo-covered spa, grilling areas, a lap pool, tennis court, car wash area, playground, fitness center, coffee bar, business center and an indoor racquetball court.

BankUnited provides $30M for Queens apartment refinance

159-10 71st Ave

Courtesy Google Maps.

Fresh Meadows, N.Y.—An eight-story apartment asset in Fresh Meadows, N.Y., has landed a $30 million refinancing provided by BankUnited. The 209,525-square-foot asset is located at 159-19 71st Avenue.

“We are continuing to see tremendous opportunity to grow our commercial real estate loan portfolio in the New York market,” says John Kanas, chairman, president and CEO at BankUnited. “During the second quarter, which was the first full quarter since launching out New York operations, our New York commercial lending activity contributed significantly to BankUnited’s $1.1 billion in loan growth.”

HFF closes $35 million sale of development site in Manhattan’s Hudson Yards

New York—HFF announced  that it has closed the $35 million sale of a 9,875-square-foot development site in Manhattan’s Hudson Yards neighborhood.

HFF worked on behalf of the seller, a subsidiary of Lehman Brothers Holdings Inc. New York-based real estate developer David Marx purchased the land parcel for $35 million.

The development site is situated on 9,975 square feet at 448-452 11th Avenue and 556 West 37th Street in the Hudson Yards neighborhood. The site is directly across the street from the Jacob K. Javits Center, and it can accommodate residential, retail, hotel, office or entertainment uses.

The HFF team representing the seller was led by senior managing directors Andrew Scandalios and Jose Cruz and managing directors Jeffrey Julien and Kevin O’Hearn.

“No immediate development plans for the site have been announced,” Scandalios says.

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