TAMPA, FL-The days of bulk condo sales are over in Miami, but if you drive a few hours north there are a few still deals to be had. A 21-unit bulk condo sale at MacDill Landings in South Tampa just closed. A.J. Galbraith & Associates LLC, a foreign capital group located in Canada, bought the lender-owned units in an all-cash deal.
Multifamily investment brokers Jason Stanton and John Stone of Colliers International Tampa Bay worked exclusively on behalf of the owner, REDUS Properties (Wachovia). Financial terms of the deal were not disclosed, but Colliers revealed that the property was purchased well below replacement cost—a fraction of the price that it was selling for just a few years ago.
“Bulk sales in Tampa are few and far between these days,” Stanton tells GlobeSt.com. “This was new construction in 2007. It was loft style, built to go condo, and it was high end. We got a decent number of responses from the market, even given the fact that it was only 21 units.”
Indeed, most fractured condos in the Tampa Bay area have been sold. But Stone notes some are still caught up in legal battles. He sees the MacDill Landings sale as a positive sign for the market. The buyer plans to rent the units. “That is a trend we are seeing with companies who buy these types of properties,” Stone says. “They plan to sell the units in the future, but for the short term they will be rented.”
Located at 5008 S. MacDill Avenue, MacDill Landings offers upscale living in South Tampa. Stanton says South Tampa offers a strong infill location and demographics that are attractive to investors. “When a property like MacDill Landings—or even a larger property—comes into the South Tampa market you are always going to get a lot of activity. There is a fair share of transaction activity there because it is one of the nicest areas in Tampa Bay.”
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