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Costa del Sol Sells for Nearly $10M

SEMINOLE, FL-The transaction is being called a turning point for local apartment sales.

By Carl Cronan | Updated on August 04, 2009

SEMINOLE, FL-Locally based NAI Tampa Bay sold the 144-unit Costa del Sol Apartments for nearly $9.6 million, or approximately $66,300 per unit. A local family trust connected to Supertest Oil Co. purchased the property from Merecorp Inc., which has owned it for the past nine years.

Costa del Sol, located at 7700 Ridge Road in Seminole, was built in 1972 and contains both one- and two-bedroom rental apartment units. Merecorp is seeking a 1031 exchange property with the proceeds of the sale.

Tampa-based Supertest, which operates gasoline convenience stores within the Southeast, sold 10 properties earlier this summer and used those funds to acquire Costa del Sol through a tax-deferred 1031 exchange. Merecorp, also based in Tampa, bought the property in 2000 for $4.7 million, or $32,600 per unit, according to Pinellas County property records.

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