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Tampa Bay Area
Business Observer Friday, May 20, 2011 9 years ago

Miami investment group buys Lakewood Apartments

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An investment group led by Paul Steinfurth of Miami purchased the 82-unit Lakewood Apartments in Brandon for $2.15 million.

BUYER: Lakewood Apartments LLC (principal: Paul Steinfurth), Miami

SELLER: Tampa Capital Income Fund Ltd.

PROPERTY: 1651 S. Lake Meadow Circle, Brandon

PRICE: $2.15 million

PREVIOUS PRICE: $20,000, January 1971

LAW FIRM ON DEED: Levine & Partners PA, Miami

PLANS, DESCRIPTION: An investment group led by Paul Steinfurth of Miami purchased the 82-unit Lakewood Apartments in Brandon for $2.15 million.

The price equated to $26,220 per unit.

The single-story apartment complex was 88% occupied at the time of the sale.

“We're planning to rehab the exterior, put up some new fences and renovate the interior of the units as they turn,” says Debbie McCoy, president of Port Orange Southeast Residential Group, the new community manager.

Built by the Cardinal Real Estate Group Inc., the development was designed to be energy efficient, McCoy says.

The purchase entity Lakewood Apartments LLC mortgaged the property to Branch Banking & Trust Co. for $2.15 million.

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