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.”