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TAMPA — Transwestern Investment Co. bought Mallory Square Apartments for $38.75 million. With 383 units in the complex, the Chicago-based firm is paying $101,179 per unit, according to a release from CB Richard Ellis, who brokered the sale.
Mallory Square was built in 2005, and contains a mix of one-, two- and three-bedroom apartments averaging 1,069 square feet. The complex also contains a pool with spa, an indoor basketball court, a billiards room and a 6,500-square-foot clubhouse with a fitness center attached.
When Transwestern agreed to buy the property, units were 95% occupied and average rent exceeded $1,150 per month.
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