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Tampa Bay Area
Business Observer Friday, Dec. 16, 2005 12 years ago

Real Estate Briefs (Tampa)

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National company pays $58.5 million for apartmentsNaples investors purchase Clearwater complex
by: Adam Hughes Staff Writer

Real Estate Briefs (Tampa)

National company pays

$58.5 million for apartments

BUYER: Tampa Palms Tarragon LLC, Fort Lauderdale

SELLER: The Preserve at Tampa Palms LLC

PROPERTY: 17220 Commerce Park Blvd., Tampa

PRICE: $58.5 million

PRIOR SALE: $28 million, 2001

LAW FIRM ON DEED: Arvin J. Jaffe PA and Broad and Cassel, Boca Raton.

PLANS, DESCRIPTION: Tarragon Corp., an urban home builder specializing in the development of high-density residential communities, bought The Preserve at Tampa Palms, a 19-building complex built in 2002 by The Altman Cos. of Boca Raton.

The luxury apartment complex includes a 7,800-square-foot clubhouse facility and 394 upscale apartment homes. It is located in northeastern Hillsborough County off Commerce Park Boulevard, west of Bruce B. Downs Boulevard.

New York City-based Tarragon, which completed the transaction Oct. 3, did not return a telephone call for comment. But a company statement says its four core markets are Florida, the Northeast, Texas and Tennessee. Revenue for Tarragon for the nine months ended Sept. 30 was $425.4 million.

Naples investors purchase

Clearwater complex

BUYER: Edmark/Vinings LLC

SELLER: City National Bank Florida, as trustee

PROPERTY: 2652 McMullen Booth Road, Clearwater

PRICE: $40 million

PRIOR SALE: Not available

LAW FIRM ON DEED: William E. Shockett, Miami

PLANS, DESCRIPTION: Naples-based Edmark/Vinings LLC bought The Vinings at Countryside, a 288,846-square-foot apartment complex in Clearwater.

The company's registered agent, J. Thomas Conroy III, a Naples attorney, did not return a telephone call for comment. Edmark/Vinings obtained a $20 million mortgage from Key Bank, N.A.

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