(To read more on the multifamily market, click here.)
TAMPA, FL-Four west Florida apartment communities totaling 980 units have been sold in separate transactions for a total $129.5 million.
Philadelphia Management Co., a Pennsylvania-based condo converter, acquired the 240-unit Windsor Club at Seven Oaks in suburban Wesley Chapel for $39 million. The one-year-old, class A property fetched a record Tampa Bay area price of $162,500 per unit. Cushman & Wakefield of Florida Inc. brokers Byron Moger and Luis Elorza negotiated for the seller, Flournoy Development of Columbus, GA. The buyer represented itself.
In Fort Myers, Hialeah-based Puig Inc. acquired the 200-unit Island Breeze for $20 million, or $75,000 per unit, and the 240-unit Regency Park for $18 million or $75,000 per unit. Chicago-based Alliance Holdings LLC sold both class B properties. Brokers Sean Williams and Marc deBaptiste of Apartment Realty Advisors in Boca Raton represented the seller. The buyer represented itself.
Williams and deBaptiste also handled the $52.5-million sale of the newly constructed, 300-unit Gateway Villas in Pinellas Park, just north of St. Petersburg in the Tampa Bay metropolitan area. Coral Springs-based Edmark Development paid St. Petersburg-based Fairfield Cos. $175,000 per unit for the property.
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