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Lofton Place Apartments Sell for $16M

TAMPA, FL-ARA brokered the 280-unit deal to Northview Realty Group, including financing.

By Carl Cronan | Updated on October 06, 2009

TAMPA, FL-The 280-unit Lofton Place apartment complex has been purchased by Montreal-based Northview Realty Group, according to Apartment Realty Advisors. The sale price was $16 million, or roughly $57,000 per unit and $60 per square foot.

Atlanta-based ARA represented the seller, Merry Land and Investment Co., which bought the 17-acre community for $14.2 million in 2003, according to Hillsborough County property records. The apartments, which are 97% occupied, were built in 1988 at 5412 Deerbrook Creek Circle and average nearly 1,000 square feet each in one- to three-bedroom units.

ARA also secured financing for the transaction through a joint venture with Washington, DC-based CW Capital. The 10-year loan was 75% of the purchase price and the borrower locked in a 5.7% interest rate for the first two years, followed by 30-year amortization, with private funds used for equity.

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