Loading
BUYER: Sabal Palm Carrollwood Associates LLC, New York City
SELLER: Carrollwood Place Limited Partnership
PROPERTY: 3602 Carrollwood Place Circle, Tampa
PRICE: $39 million
PREVIOUS PRICE: $2.19 million, December 1994
LAW FIRM ON DEED: CAPREIT Residential Management LLC, Rockville, Md.
PLANS, DESCRIPTION: Rockville, Md.-based CAPREIT purchased the 432-unit Sabal Palm at Carrollwood apartment complex for $39 million.
The price equated to $90,278 per unit.
The 419,040-square-foot, three-story apartment complex was built in 1995. The lakefront property features a playground, fitness center, tennis court, swimming pool and business center. It was 95% occupied at the time of the sale.
Byron Moger and Luis Elorza of Cushman & Wakefield's Apartment Brokerage Services in Tampa handled the transaction.
“The property was in very good condition,” Moger says. “It was institutionally owned and managed. They still see the opportunity to put additional capital into it to raise its quality in the market even further.”
Moger described it as a class B+ or A- property.
CAPREIT owns and manages about 50 multifamily housing communities across the United States.
The purchase entity Sabal Palm Carrollwood Associates LLC mortgaged the property to AllState Insurance Co. for $27 million.
Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.
Join thousands of executives who rely on us for insights spanning Tampa Bay to Naples.
