A private Tampa partnership purchased the mortgage note on the 71-unit Brittany Apartments complex.
NOTE BUYER: Unknown, Tampa
NOTE SELLER: Whitney National Bank
PROPERTY OWNER: RSG Family Limited Partnership-Brittany
PROPERTY: 3814 W. Euclid Ave., Tampa
PRICE: Unknown, (Mortgage note sale, not public)
PREVIOUS PRICE: $5.2 million, March 2006
PLANS, DESCRIPTION: A private Tampa partnership purchased the mortgage note on the 71-unit Brittany Apartments complex.
Although the mortgage had an original face value of $4.5 million, terms of the smaller purchase price were not disclosed. The name of the buyer was also not disclosed and did not appear in public records.
Franklin Street Real Estate Services Director Kevin Kelleher and managing directors Darron Kattan and Bob Goldfinger handled the transaction.
The buyer plans to complete the foreclosure process and take ownership of the property with the goal of turning it around, says Kelleher. The apartment complex was 90% occupied at the time of the note sale.
“The loan balance just wasn't there,” Kelleher says. “We weren't going to get close to the $4.5 million.”
The current owner fixed up the interiors of the units, Kelleher says. The remaining unimproved portion is the exterior of the complex. Kelleher says the buyer plans to paint the facility and upgrade the landscaping.
The development will be renamed the Courtyards of South Tampa.
“The key was the location,” Kelleher says. “In the South Tampa market there won't be another 70-unit apartment complex because there's no land left there. It's a highly desirable place to own apartments.”