Four Area Deals Close for $108M

TAMPA, FL-Four area deals involving a sale, lease and refinancing have closed at an estimated aggregate value of $107.5 million.

Miami-based Neviot Realty Holdings LLC has paid Cleveland-based Macintosh Land Co. LP $46 million, or $117,347 per sf, for the 392-unit Preserve at Temple Terrace apartments at 7855 East Fletcher Ave. The 35-acre, seven-year-old property consists of 22 three-story buildings built in 1999 and is currently 95% occupied, according to Marcus & Millichap Real Estate Investment Brokerage Co. which handled the transaction.

Silverstone Communities-Florida of Boca Raton acquired the 273-unit, three-year-old Citrus Falls garden-style apartment complex from New York-based J.P. Morgan Investment Management for $37.5 million or $137,363 per unit. The acquisition was Silverstone’s first in the Tampa Bay submarket. Apartment Realty Advisors of Boca Raton brokered the transaction.