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Massachusetts group buys Summer Palms
BUYER: Summer Palms LLC (Robbins Manager LLC), Newton, Mass.
SELLER: Blue Valley Apartments Inc.
PROPERTY: 20330 Summer Palm Drive, Riverview
PRICE: $16.2 million
PREVIOUS PRICE: $741,200, November 2000
LAW FIRM ON DEED: Jones Foster Johnston & Stubbs PA, West Palm Beach
PLANS, DESCRIPTION: Newton, Mass.-based developer Robbins Property Associates LLC purchased the 340-unit, four-story Summer Palms Apartments for $16.2 million.
The purchase price equated to $47,647 per unit.
The development was previously bound by low-income housing tax credit to rent only to low-income tenants, but when the property went through foreclosure recently that requirement was dropped.
Completed in 2000, the gated complex features a lake, clubhouse, pool, business center, fitness center, sand volleyball court, two tot lots and a laundry facility. It was 90% occupied at the time of the sale.
The purchase entity Summer Palms LLC mortgaged the property to Walker & Dunlop LLC for $12.4 million.
Robbins Property Associates LLC also recently purchased the Legend Oaks apartments at 4714 N. Habana Ave., Tampa from General Electric Credit Equities for $16.3 million.
Byron Moger of Cushman & Wakefield of Florida Inc. handled the transaction.
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