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Real Estate Briefs (Tampa)
London investment manager
acquires Palm Harbor rentals
BUYER: Stonegate Complex LP, Chicago
SELLER: Phoenix Life Insurance Co., Hartford, Conn.
PROPERTY: 31177 U.S. 19 N., Palm Harbor
PRICE: $14,200,000
PRIOR SALE: $10,700,000, March 1996
LAW FIRM ON DEED: Troutman Sanders LLP, McLean, Va.
PLANS, DESCRIPTION: Stonegate Complex LP, a holding of London-based Henderson Global Investors North America Inc., purchased Palm Harbor's Stonegate apartments for $14.2 million. Stonegate paid $64,545 a unit for the 220-unit rental property at 31177 U.S. 19 N., almost 33% more per unit than the seller paid nine years ago for the property.
Phoenix Life Insurance Co. acquired the property in 1996 for $10.7 million.
Under a mortgage modification agreement, the Henderson Global affiliate assumed the remaining amount owed on a $5.4 million multifamily loan serviced by Deutsche Bank Berkshire Mortgage Inc. and guaranteed by Fannie Mae.
Founded in 1934, Henderson Global manages about $117 billion in assets.
Hialeah investor Miguel Soto
buys Coachwood apartments
BUYER: 5221 Bayshore LLC, Hialeah
SELLER: Park Pointe Properties Inc., Tampa
PROPERTY: 5221 S. Bayshore Blvd., Tampa
PRICE: $6,400,000
PRIOR SALE: $1,300,000, July 1996.
LAW FIRM ON DEED: Greenberg Traurig PA, Miami
PLANS, DESCRIPTION: The purchase last month of Tampa's Coachwood apartment complex is the second multifamily deal this year for affiliates of Hialeah investor Miguel Soto.
Soto's 5221 Bayshore LLC paid $6.4 million late last month, or about $100,000 a unit, for the 64-unit property at 5221 S. Bayshore Blvd. The buyer is an affiliate of MGCJ 64 Holdings Group LLC, which lists Soto as manager.
The purchase price is about 392% more than what the seller paid for the 29-year-old property. Park Point Properties Inc., a Tampa company controlled by Albert M. Salem III, bought the property in July 1996 for $1.3 million.
The buyer financed the transaction with nearly $5.8 million in mortgage proceeds through Premier American Bank.
Hialeah investor Juan Puig
increases bay-area portfolio
BUYER: Venetia Country Club LLC, Hialeah
SELLER: CCV Associates LP, Chicago
PROPERTY: 200 Country Club Drive, Largo
PRICE: $8,925,000
PRIOR SALE: $5,263,000, July 2002
LAW FIRM ON DEED: DLA Piper Rudnick Gray Cary US LLP, Chicago.
PLANS, DESCRIPTION: Over the past few months, Hialeah investor Juan Puig has acquired two Pinellas County apartment communities with a total of 302 rental units.
Just recently Puig's Venetia Country Club LLC paid just more than $8.9 million for the 120 units in Largo's Country Club Villas or $74,375 each for the apartments at 200 Country Club Drive.
Puig's company paid almost 70% more than the seller paid three years ago for the property. CCV Associates LP, a Chicago company that lists Gary S. Richman as its president, paid nearly $5.3 million in July 2002 for the property. It consists of one structure with 128,582 square feet of residential living space and two other smaller buildings.
Puig's company financed the acquisition through Miami's Ocean Bank with a mortgage valued at slightly more than $9.8 million.
Earlier this summer, another of Puig's affiliates purchased the 182 units at St. Petersburg's Woods at Frenchman's Creek for nearly $16.4 million or $89,835 a unit. Puig's Arbor Heights LLC bought the property from Wood Creek Associates LLC, another company controlled by Richman.
Puig has filed a public notice of his intent to convert Woods at Frenchman's Creek into condominiums. Plans for the Country Club Villas have not been made public.
Just as with Woods at Frenchman's Creek, the Puig affiliate financed the Country Club Villas for an amount in excess of the purchase price. Ocean Bank lent Arbor Heights LLC slightly more than $17 million in that deal.
Pennsylvania dentist buys Howard Johnson
BUYER: JMS Hotels LLC, Merion, Pa.
SELLER: Shyam Associates Inc., Tampa
PROPERTY: 4601 34th St. S., St. Petersburg.
PRICE: $4,475,000
PRIOR SALE: $1,725,000, April 1996
LAW FIRM ON DEED: Unavailable
PLANS, DESCRIPTION: JMS Hotels LLC, a company that lists Merion, Pa., dentist Richard Titlebaum as its manager, has acquired the Howard Johnson motel in St. Petersburg.
The Merion-based company paid nearly $4.5 million, or $33,396 a unit, for the 134-room hotel at 4601 34th St. S.
The purchase price is nearly 160% more than what the seller paid for the property.
Shyam Associates Inc., a Tampa-based family-owned company that lists Ravindra Patel as its president, paid slightly more than $1.75 million for the property in April 1996.
The buyer financed the transaction with two mortgages - one for $2.4 million and the other for nearly $1.5 million - through BLX Capital LLC.
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