Tampa-Area Property Sells for $47M

Independence Realty Trust has expanded its portfolio with Lucerne, a 276-unit community located in Brandon, Fla., about 10 miles from downtown Tampa.
Lucerne

Sentinel Real Estate has sold Lucerne, a 276-unit property in Brandon, Fla., to Independence Realty Trust for $47 million, according to Yardi Matrix data. The sale price equates to $170,289 per unit or $156.8 per square foot.

Lucerne is located at 1419 Lake Lucerne Way, close to Interstate 75 and Freeway 60 and is approximately 10 miles from downtown Tampa. The area provides access to dining and shopping options, including Lake Brandon Village, a shopping center which is situated around 1 mile from the property.

Constructed in 2001, the 10-building community occupies nearly 16 acres and encompasses a mix of one-, two- and three-bedroom apartments, averaging 1,086 square feet, Yardi Matrix shows. The units feature full-size washers and dryers, security system and microwave ovens. Communal area amenities include:

  • controlled access
  • fitness center
  • business center
  • clubhouse
  • tennis court
  • playground
  • swimming pool
  • spa
  • 500 parking spaces

Sentinel has also recently traded Ashton Parc, a 168-unit Class A garden-style community in Sacramento, Calif.

Image courtesy of Yardi Matrix