(Carl Cronan is editor of Real EstateFlorida.)
TAMPA, FL-Mid-America Apartment Communities Inc. has purchased a 92% majority of the 234-unit Village Oaks apartment complex here for nearly $21.3 million. Cushman & Wakefield's Florida Apartment Brokerage Services negotiated the sale on behalf of Radco Management LLC, receiver for EB Developers Inc., the property's previous owner.
The total sale price comes to approximately $98,800 for each of the 215 units, or $70 per sf for the portion of Village Oaks purchased by Mid-America. The 19 remaining units are owned individually as condominiums.
Memphis, TN-based Mid-America was creative in its efforts to buy the remaining units at Village Oaks, says Byron Moger, executive director of C&W's apartment brokerage in Tampa. "As a result, they got an excellent price for 215 high-quality apartments with upside potential," Moger says.
In August, Mid-America announced it was making no additional acquisitions from its Mid-America Multifamily Fund I, in which it holds a one-third interest. The company plans to buy more properties for its own account, and anticipates starting a new acquisition fund later.
Village Oaks, at 8425 Montravail Circle near Interstate 75, was developed in 2004 as a joint venture between Atlanta-based Opus South Corp. and Tampa-based Florida Southeast Development Inc. The complex was originally built as condo-style apartments with one to three bedrooms each in nine three-story buildings, including elevators. Other amenities include a resort-style pool, remote-control lighting and television security monitors.
EB Developers, based in Boca Raton, bought Village Oaks for a reported $36 million in early February and converted the rental units to condos. The company has faced several setbacks during Florida's residential market downturn, including the untimely death of owner and CEO Elie Berdugo in mid-February. It is involved with various upscale condo projects and mixed-use developments throughout south and central Florida.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- 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
Already have an account? Sign In Now
*May exclude premium content© 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.
