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BUYER: River Gardens Tampa LLC (principals: Charles Hill and Edward Lorin), Santa Monica, Calif.
SELLER: Kakatiya Corp.
PROPERTY: 4009 N. Howard Ave., Tampa
PRICE: $5.3 million
PREVIOUS PRICE: $3.9 million, March 1999
LAW FIRM ON DEED: Keating & Schlitt PA, Orlando
PLANS, DESCRIPTION: Santa Monica, Calif.-based Strategic Realty Capital LLC purchased the 218-unit River Gardens Apartments for $5.3 million.
The price equated to $24,328 per unit.
Strategic Realty Capital has announced plans for a significant renovation of the property.
“We view this acquisition as an excellent opportunity to turn around a distressed asset in a good location in Tampa,” says Andy Park, the East Coast acquisitions director for Strategic Realty Capital.
The 170,674-square-foot garden apartment complex was built in 1965. The property features three swimming pools, a private boat dock, laundry facilities and river views.
Strategic Realty Capital purchases apartment properties in the southern half of the United States. It owns properties in Orlando, Naples, Dallas, New Orleans, Denver, Southern California and Las Vegas.
The company plans to pursue several similar opportunistic purchases during 2011, according to Charles Hill, Strategic Realty Capital's managing director and partner.
The buyer River Gardens Tampa LLC mortgaged the property to Tampa Bridge Lenders LLC for $4.8 million.
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