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Business Observer Friday, May 29, 2015 7 years ago

Maryland couple buys Bardmoor Villas

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A company led by Ralph and Sabrina Norton of Largo, Md., purchased the 38-unit Bardmoor Villas apartments for $2.2 million.

BUYER: Southbound Management LLC, Largo, Md.
SELLER: GC3 Bardmoor LLC
PROPERTY: 9402, 9403, 9434, 9466, 9498, 9530, 9562, 9595, 9563, 9531, 9499, 9467 and 9435 Lynn Lane, Largo
PRICE: $2.2 million
PREVIOUS PRICE: $1.2 million, May 2012
LAW FIRM ON DEED: Joel A. Savitt Attorney at Law, Aventura

PLANS, DESCRIPTION:
A company led by Ralph and Sabrina Norton of Largo, Md., purchased the 38-unit Bardmoor Villas apartments for $2.2 million.

The price equated to $57,895 per unit. That figure is lower than the two-year average price per unit for multifamily space ($72,609) in the Tampa Bay area, according to the CoStar Group.

The 31-year-old, single-story multifamily property is located east of Starkey Road and south of Bryan Dairy Road. The community's 13 concrete-block buildings are spread across more than four acres. All of its units have two bedrooms and one bathroom and 850 square feet of living space. Eight of the units are individually metered for water service.

The development was 97% occupied at the time of the sale.

Adam Podbelski, Michael Donaldson and Nicholas Meoli of Marcus & Millichap's Tampa office handled the transaction.

The purchase entity, Southbound Management LLC, mortgaged the property to Trecastagni Management South LLC for $325,000.

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