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Colliers Arnold Closes $12M in Apartment Sales

TAMPA-The 160-unit, 85%-leased Colony Square Apts. sold for $5.65 million. Longbranch Apts., a 184-unit, 86%-occupied complex, netted $6.6 million. Both Pinellas County properties were part of an IRS 1031 tax-deferred exchange transaction.

By Alex Finkelstein | Updated on January 28, 2003

TAMPA-Two older Pinellas County properties, totaling 344 units, sold for $12.25 million in separate IRS 1031 tax-deferred exchange transactions crafted by Colliers Arnold Commercial Real Estate Services Inc. of Clearwater, FL.

The buyers “sought quality income-producing properties that would qualify” for an exchange and defer taxes, Colliers senior investment specialist John W. Stone tells GlobeSt.com. Stone and broker associate Jason T. Stanton put the deals together.

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