(To read more on the multifamily market, click here.)

TAMPA, FL-Three multifamily assets totaling 614 units have sold in separate parts of Central Florida in deals totaling $40.4 million. In the affluent Temple Terrace section of Tampa Bay, Miami-based Sonoma Park LLC paid New York City-based Praedium Group and Affirmative Equity Properties $17.8 million for Sierra Point apartments, which is currently 91% occupied. The 296-unit, 33-year-old asset is located at 8412 Rio Bravo Court. Darron Kattan of Marcus & Millichap represented the sellers. The buyer represented itself.

In Holly Hill, a suburb of Daytona Beach, Steven D. Bell & Co. of Greensboro, NC acquired the 150-unit Riviera Senior living facility at 1825 Ridgewood Ave. from Riviera Assisted Living LLC for $14.8 million. The property was originally developed as the Riviera Hotel in 1923.

The facility has 76 assisted-living units that opened in 1999 and 74 newly constructed independent-living units that opened in December 2005. CB Richard Ellis Inc. brokers Bruce Gibson and Kyle Sheehan represented the seller and found the buyer.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.