Investment partners James D. Means of Gorham, ME and Robin M. Hester of Tampa did their homework and purchased the 14.1-acre asset at 3401 North Lakeview Drive from Portland, ME-based UNUM Life Insurance Co. of America for $6.36 million or $26,066 per unit, considerably below replacement cost. UNUM has held the property since 1991 when Means was the company's asset management director.

"Swan Lake was built by one of the leading national apartment developers (Paragon Co.), slightly ahead of its time," Means tells GlobeSt.com. "Now every conceivable service, retail, educational, employment and medical facility is either at our doorstep or within a 15-minute drive from our excellent Carrollwood location."

He calls the property "the best community of its vintage (1981) in the greater Tampa Bay area." Means has been a real estate professional for 30 years and is currently a partner with the Parmenter Co., a Miami real estate investment and development firm which manages third-party assets in metro Orlando. Longtime developer Daryl Parmenter founded the firm.

Means and Hester formed Swan Lake Investors, a limited liability company, to buy the apartment complex. They also formed Alliance Investment & Management Co. to provide onsite management, maintenance and leasing services. Hester is a director of the Tampa Bay Apartment Association.

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