TAMPA, FL-In a rare bulk deal, Allegro Palm, a 432-unit condominium community in Riverview, traded for $10.275 million. That represents $50,368 per unit and $49 per square foot.
Still Hunter, III and Evan P. Kristol, senior vice presidents investments in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a South American investment group.
“The seller acquired the property a few years ago from Corus Bank and the FDIC,” Kristol tells GlobeSt.com. “They turned a distressed property completely around, stabilizing the HOA, cleaning up the property and leasing it up. It was almost fully occupied and the HOA had reserves.”
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