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BUYER: GMC Doral Oaks LLC (principals: Gregory and Christopher Simms), Jacksonville
SELLER: Aimco Doral Oaks LP
PROPERTY: 105 Sunnyside Road, Tampa
PRICE: $10.7 million
PREVIOUS PRICE: $5.57 million, July 2001
LAW FIRM ON DEED: Pappas Metcalf Jenks & Miller PA, Jacksonville
PLANS, DESCRIPTION: Jacksonville-based multifamily residential firm GMC Properties purchased the 252-unit Doral Oaks apartment complex for $10.7 million. The purchase price of the complex, which is south of Ballard Parkway and east of North 56th Street, equated to $42,460 per unit.
The complex was 94% occupied at the time of the sale. It features two pools, a clubhouse and an exercise room.
“We've been looking at Tampa for a while now,” says Gregory Simms with GMC. “We liked that [Doral Oaks] was in Temple Terrace, especially with the new city center replacing the shopping center right there. We're going to do some minor upgrades, but otherwise the property is fantastic. Hopefully this will be the first of many purchases for us down there ”
The apartment property is considered a long-term hold for GMC Properties.
GMC Properties owns eight apartment complexes in Jacksonville, five in Charlotte, N.C.; and one in Gastonia, N.C.
The purchase entity GMC Doral Oaks LLC mortgaged the property to Capmark Bank for $8.56 million.
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