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Apartment Sales Finish Strong in December

TAMPA, FL-Cushman & Wakefield closes 2008 with $110 million worth of deals statewide.

By Carl Cronan | Updated on December 31, 2008

(Carl Cronan is editor of Real Estate Florida.)

TAMPA, FL-Cushman & Wakefield’s locally based Florida Apartment Brokerage Services group finished 2008 with a bang, closing more than $110 million worth of transactions statewide. But rather than beating the calendar on anticipated capital-gains taxes in the new year, brokers say sellers were trying to make sound deals in a continually soft market.

The transactions totaled 1,385 units at an average sale price of $79,700, according to Byron Moger, executive director with C&W’s Tampa office. December’s sales ranged from the $38.1-million purchase of the 302-unit Pembroke CoveApartments in Pembroke Pines by Scully Inc., at $126,160 per unit, to the $6.7-million sale of the 150-unit Palm Lake complex in Tampa, at $45,000 per unit, by Apartment Investment and Management Co.

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