Investors Snag Tampa Apartment Complexes
- Sep 01, 2011
Buyers are snapping up apartment complexes in Tampa as Lake Morton, Gables and Doral Oaks all see a change of owners.
The latest transaction comes from Marcus & Millichap Real Estate Investment Services, which announced the successful sale of Lake Morton Apartments to Florida Southern College in Lakeland but did not disclose the sum. Both the buyer and seller, a Florida-based limited liability company, were represented in the sale by associate vice president of investments Michael Regan, senior associate Francesco Carriera and associate Nicholas Meoli, all with the Marcus & Millichap Tampa office. The 72-unit Lakeland apartment complex, built in 1947, spreads over 2.7 acres; the eight two-story buildings feature a mix of one- and two-bedroom apartments, equipped with central air conditioning.
Franklin Street also prides itself on the sale of a multifamily property: Gables at Temple Terrace, which traded for $3.9 million, or $40,104 per unit. Located at 11050 Le Jardin Circle, Temple Terrace was built in 1972, but the previous owner, Coral Gables-based MCNA Properties, renovated it between 2007 and 2009. The buyer, a Chicago-based investor, was also represented in the sale by Kevin Kelleher, Robert Goldfinger and Darron Kattan of Franklin Street.
Finally, the Doral Oaks apartments were purchased by a private investor for $13.7 million. The garden-style apartment community is located at 105 Sunnyside Road in Temple Terrace, within close proximity to the Downtown of Temple Terrace, a new 500,000-square-foot master-planned development. The 252-unit apartment complex, built in 1967, offers a mix of one-, two- and three-bedroom units. The only brokers involved in the transaction were executive director Byron Moger and director Luis Elorza of Cushman & Wakefield Inc.’s Florida Apartment Brokerage Services.