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Tampa Bay Area
Business Observer Friday, Jul. 23, 2010 9 years ago

Investment group buys 81-apartment complex

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Caribbean Park Apartments Inc., an investment firm, purchased the 81-unit Caribbean Apartments for $1.1 million.

BUYER: Caribbean Park Apartments Inc. (principals: Kevin and John Geigle), Tarpon Springs


SELLER: 64 West 165th Street Realty Corp.


PROPERTY: 1601 E. Alabama St., Plant City


PRICE: $1.1 million


PREVIOUS PRICE: $1.8 million, October 2003


TITLE FIRM ON DEED: Majesty Title Services LLC, Tampa


PLANS, DESCRIPTION: Caribbean Park Apartments Inc., an investment firm, purchased the 81-unit Caribbean Apartments for $1.1 million.


The price equated to $13,580 per unit.


John Burpee and T. Sean Lance of NAI Tampa Bay handled the transaction. The sale was done as part of the liquidation of the seller, Elmhurst, N.Y.-based 64 West 165th Street Realty Corp.


“The buyer is a long time client of ours and was able to pay all cash for the property, which also helped out the lender who did not have to take title to the asset,” Burpee says in a press release.


The investors who bought the complex plan to rehabilitate it over the next few months before reintroducing it to the marketplace.

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