Tampa’s Residential Market Sees New Transactions, New Ventures
- May 26, 2011
Recent announcements highlight what might be called a trend in Tampa’s residential market, with several apartment properties changing owners.
Among the latest sales is that of Sandanay and Stonehenge, the 100-unit apartment property at 13129 N. 19th St. Marcus & Millichap Real Estate Investment Services’ Casey Babb and Luis Baez had the exclusive listing to market the property. The seller, a partnership based outside of Florida, turned over the two-story garden apartments to a foreign investment group with holdings in Europe, Canada, the Midwest and now Southwest Florida for the reported amount of $2.5 million.
Dating back to the 1960s, the 2.3-acre apartment property is close to the University of Florida campus and has been in the current seller’s possession for more than 15 years.
In addition, Franklin Street Real Estate Services announced the sale of Pines II and Oaks Apartments in Tampa for $416,000 cash. After seller Pines II Apts. Holding Co. foreclosed on the property at 11717 N. 14th St. and 11734 N. 15th St. in late 2010, it was passed on to a Tampa private investor for a sale price of $13,000 per unit and $15.03 per square foot. Both parties were represented in the transaction by Franklin Street director Kevin Kelleher and managing directors Bob Goldfinger and Darron Kattan.
Pines II and Oaks is composed entirely of two-bedroom, one-bath apartments measuring 865 square feet that were built in 1981.
In other real estate news, Tampa-based Phillips Development & Realty and Picerne Real Estate Group of Warwick, R.I., have made public their new joint venture, Phillips-Picerne Properties L.L.C. With the common goal of targeting new development and repositioning opportunities for core multi-housing projects across the country, the venture has already started working on several new projects. Tampa’s Picerne Real Estate Group was ranked 30th on the 2011 NMHC 50 Largest U.S. Apartment Owners list with 45,000 units and 21st among NMHC’s 2011 50 Largest Apartment Managers.