TAMPA, FL-Miles Properties of Atlanta buys the 324-unit, 92%-occupied, 35-year-old Society Park Apartments at 6919 Bonair Dr. for $26,235 per unit. The Tampa and Phoenix offices of CB Richard Ellis Inc. negotiated for the seller.
Miles paid Denver-based AIMCO $26,235 per unit for the one-bedroom and two-bedroom units which range from 624 sf to 960 sf of living area. The monthly rent range is $500 to $625.
The purchase of the 35-year-old asset bears out a previous multifamily Tampa area study made by San Francisco-based Marcus & Millichap. The study pinpointed five submarkets with the most potential for rising values over the next five years. They are Pasco-Hernando, Temple Terrace, Polk County, Town 'n Country, Manatee County and St. Petersburg, FL.
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