Tampa-based Legacy Development purchased the final summary judgment for the Spring Lake Village and Edgewater Apartments and took ownership of the properties in lieu of foreclosure.
BUYER: Spring Lake Apartments LLLP (principal: Alan Soroory), Tampa
SELLER: Aquaplex Ventures II LLC
PROPERTY: 6401 31st St. S., St. Petersburg
PRICE LISTED FOR DEED IN LIEU OF FORECLOSURE: $6.52 million
PREVIOUS PRICE: $8 million, December 2004
LAW FIRM ON DEED: Langford Myers & Orcutt PA, Tampa
PLANS, DESCRIPTION: Tampa-based Legacy Development purchased the final summary judgment for the Spring Lake Village and Edgewater Apartments and took ownership of the properties in lieu of foreclosure.
The adjacent properties share amenities and feature a combined total of 201 units. The properties were 88% occupancy at the time of the sale.
The complex features a pool, fitness center, clubhouse, lake and laundry facilities.
Michael Regan, Francesco Carriera and Nicholas Meoli of the Tampa office of Marcus & Millichap Real Estate Investment Services represented the buyer.
“They need about $1.5 million [in improvements] to fix them up,” Carriera says. “It mainly needs roofs, there are some environmental issues and some drainage issues as well. Most of it doesn't affect the tenants directly. A few of the units have roof and mold issues, but everything else was in pretty decent shape.”
Legacy Development owns and operates several office, multifamily and condominium properties in Tampa, Temple Terrace and St. Petersburg, including the Nature Terrace townhome development in Temple Terrace and the Montierra Apartment Homes in Tampa.
The purchase entity Spring Lake Apartments LLLP mortgaged the property to Vesta Equity LLC for $4.7 million.