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Tampa Bay Area
Business Observer Saturday, May 28, 2011 9 years ago

Foreign investor group buys Stonehenge, Sandanay

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A foreign investor group purchased the Sandanay and Stonehenge apartment complexes for a total of $2.5 million.

BUYER: Stonehenge Village LLC (Jacana Jade Portfolio SWFL LLC), Tampa

SELLER: J&A Hillsborough Inc.

PROPERTY: 13136 N. 20th St., Tampa

PRICE: $920,000

PREVIOUS PRICE: $400,000, June 2000

LAW FIRM ON DEED: Greater Bay Law LLC, Tampa

BUYER: Sandanay Village LLC (Jacana Jade Portfolio SWFL LLC), Tampa

SELLER: Evergreen Investments Ltd Partnership, Clearwater

PROPERTY: 13132 N. 19th St., Tampa

PRICE: $1.58 million

PREVIOUS PRICE: $725,000, February 1995

PLANS, DESCRIPTION: A foreign investor group purchased the Sandanay and Stonehenge apartment complexes for a total of $2.5 million.

The price equated to $25,000 per unit.

Although the investment group's primary shareholders are Canadian, it also includes investors from South Africa and Australia.

Technically separate properties and parcels, the two contiguous apartments have been run jointly. The apartments share a single leasing office and laundry facility and feature a total of 100 rental units. The properties had an occupancy of 92% at the time of the sale.

Casey Babb and Luis Baez of Marcus & Millichap's Tampa office handled the transaction.

The seller had owned the property for more than 15 years and financed 74% of the purchase price for the buyers, according to Babb.

“The seller financing was huge,” Babb says. “The way mortgages are handled now, foreign investors have to pay with all cash or have seller financing. That's what finally clinched it for them. The pricing was a little better than we thought it was going to be mainly because of the seller financing.”

The purchase is one of the first non-distressed sales in the University submarket in nearly four years, Babb says.

“Values have plummeted in that submarket over the past four years,” he says. “We were originally marketing these properties for $5.5 million in 2007, and we were getting offers in the $4 (million) to $5 million range.”

The same investment group purchased the 61-unit Las Villas Apartments on 142nd Avenue in Tampa earlier this year for $850,000.

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