TAMPA, FL-Sabal Palms at Boot Rank, a 432-unit community located in Palm Harbor, an infill affluent submarket within the Tampa Bay MSA, has sold for $44.2 million, or $100.25 per square foot. The multi-national investment group closed the all-cash transaction with in-place private equity funds.

“Sabal Palm at Boot Ranch represents a ‘best in class’ property with significant upside potential,” ARA Principal Kevin Judd. “The property exhibits an excellent opportunity to lead the submarket in rent growth while generating significant long-term returns through property performance.”

The North Florida Team of ARA Tampa-based vice president, Patrick Dufour, ARA Orlando-based Judd, and ARA Boca Raton-based principal Dick Donnellan represented a public REIT in the sale of the class A investment property. Dufour says the buyer is allocating more of its portfolio to multifamily properties due to the strong underlying fundamentals today and anticipated performance increases in the near-term.