Colliers Brokers Sales of Two Tampa Bay-Area Multifamily Properties
- May 06, 2012
Colliers International Tampa Bay and Colliers National Senior Housing (also based in the Tampa Bay Colliers office) have successfully closed two multifamily sales in the Tampa Bay area.
The first is a 55,275-square-foot assisted living facility located at 1120 33rd Ave. Langdon Hall, which sold for $4.9 million, was 88 percent occupied at the time of the closing. The 80-bed, 66-unit property provides its residents with a healthcare center, daily activities, dining services, housekeeping and special services including rehabilitation, hospice care, a pharmacy and a beauty/barber shop. The facility focuses on providing assisted living yet allowing the residents an independent lifestyle, with one-third of the units designed as one-bedroom units—an unusual feature for a facility built in the mid-’80s.
The seller, Langdon Hall L.L.C., owned the 27-year-old property for seven years. The buyer, Aviv REIT Inc., a Chicago-based institutional real estate entity with a substantial portfolio of skilled nursing facilities, purchased the facility at $74,788 per unit. Saber Healthcare Group L.L.C., an Ohio-based operator of 56 skilled nursing facilities, recently began operating the facility under a long-term lease.
For the other property—the 236-unit Martin’s Landing Apartments—Colliers International Tampa Bay worked in conjunction with Auction.com, the nation’s leading real estate auctioneer, in order to reach a larger group of potential buyers. Following a four-week auction period, the winning bid for the property was an all-cash offer for $6.8 million.
Prior to being listed for auction, the investment property had attracted five offers resulting from a 30-day Internet and e-mail marketing campaign by Colliers, which had exposed the listing to more than 3,200 prospects. The seller did not accept the offers and instructed Colliers to also use Auction.com to publicize the property. With the help of Auction.com, Martin’s Landing Apartments, located at 3520 Cleveland Heights Blvd. in Lakeland, received an overall total of 115 inquiries and seven site visits before the deal was done.
John Stone, CCIM, principal & managing director of multi-family investment services with Colliers International Tampa Bay, represented the seller, 3520 Cleveland Heights L.L.C. The buyer, Integritas Residential L.L.C., represented by Kevin Kelleher of Franklin Street, purchased the 37-year-old apartment complex for the equivalent of $29,034 per unit, well below replacement cost.
Photo Credits: Langdon Hall Official Facebook Page