ORLANDO—Garden Isles Apartment Homes, a 300-unit multifamily complex in Tampa, FL, has traded hands. The sale price: $14.3 million, or about $48,000 a unit.
Marcus & Millichap vice president of investments Frank Carriera and first vice president of investments Michael Regan represented the seller, Garden Isles Management. The duo also secured the buyer, Blue Rock Partners.
"The property is delivered free and clear, giving the new owner the option of placing new financing," says Carriera. "The buyer also has an opportunity to continue the asset's unit upgrade program and achieve a substantial increase to cash flow."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
