Regency Square Apartments Sell for $5M

(Carl Cronan is editor of Real Estate Florida.)

TAMPA, FL-The 120-unit Regency Square Apartments here has been sold for $5.1 million, or $42,000 per unit, closing a transaction that took more than two years to complete. The garden complex at 11312 N 15th St. traded for 35% less than its asking price, according to NAI Tampa Bay.

“This deal was a true test of resiliency on our part and, more importantly, on our seller’s part,” says Bill Renje, multifamily associate with NAI Tampa Bay, which represented previous owner Regency Square Developer in the transaction. He says the apartments received at least a dozen offers, some of which were above the original price, adding: “Had our seller put the property on the market six months earlier, we likely wouldn’t have ran into the credit crunch and market decline over the previous 12 months.”