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Foreclosed Apartments Sell for Just Under $1M

TAMPA, FL-The 78-unit Spring Glade complex was sold by ARA at a courthouse auction.

By Carl Cronan | Updated on October 29, 2009

TAMPA, FL-The foreclosure sale of the 78-unit Spring Glade multifamily complex drew $915,000, or roughly $11,700 per unit, according to Atlanta-based Apartment Realty Advisors. ARA represented the seller, Spring Glade Affordable Housing Ltd., along with attracting bidders to a courthouse auction.

“Through our extensive buyer relationships, we were able to bring multiple qualified, all-cash buyers to the foreclosure auction,” says Patrick Dufour, a broker with ARA in Tampa. Dufour worked with Kevin Judd of the firm’s Orlando office on the Spring Glade sale.

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