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Autumn Chase Apartments Sold for $6.5M

TAMPA, FL-Wisco LLC, a locally based owner/operator of multifamily properties, paid Davna Investment Ltd. Corp. of Canada $28,017 per unit for the 232-unit, 28-year-old, 80%-leased property at 2200 Gladys St. in Pinellas County. The property sold in 23 days.

By Alex Finkelstein | Updated on January 13, 2003

TAMPA, FL-On the market for only 23 days, a 28-year-old, 232-unit, two-story garden-style apartment community sold for $6.5 million or $28,017 per unit, below replacement cost.

Wisco LLC, a locally based owner/operator of multifamily properties, paid Davna Investment Ltd. Corp. of Canada $28,017 per unit for the 80%-leased asset at 2200 Gladys St. in Pinellas County. Autumn Chase comprises 24 efficiencies, 116 one-bedroom and 92 two-bedroom apartments that rent from $449 to $633 a month.

The deal closed in a record 62 days, underscoring the demand for quality product in the area, Pat Duffy, president, Colliers Arnold Commercial Real Estate Services Inc. of Clearwater, FL, tells GlobeSt.com. Colliers senior investment specialist John W. Stone and associate Jason T. Stanton put the deal together and negotiated for the seller.

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