Chicago-based institutional investor Transwestern Investment Co. purchased the 383-unit Mallory Square Apartments for $38.75 million.
BUYER: TMP Mallory Square LLC (Transwestern Investment Co. LLC), Chicago
SELLER: Bayport Colony Apartments LLC
PROPERTY: 11306 Mallory Square Drive, Tampa
PRICE: $38.75 million
PREVIOUS PRICE: $3.96 million, April 2004
LAW FIRM ON DEED: Drane Freyer & Lapins Limited, Chicago
PLANS, DESCRIPTION: Chicago-based institutional investor Transwestern Investment Co. purchased the 383-unit Mallory Square Apartments for $38.75 million.
The price equated to $101,175 per unit.
The class-A property features a pool with a spa, a 6,500-square-foot clubhouse with a fitness center, an indoor basketball court and a billiards room. It was built in 2005.
The property was 95% occupied with rental rates averaging more than $1,150 per month at the time of sale.
John Selby and Jim Bobbitt of the CB Richard Ellis Multi-Housing Group in Tampa brokered the sale on behalf of CIGNA Investments Inc.
“It was a relatively new Class-A asset in a good location purchased with new low interest-rate financing,” Bobbitt says.
Transwestern Investment has acquired an interest in more than 455 office, retail, industrial and multifamily properties that represent a gross investment of nearly $11 billion since 1996.
Fannie Mae provided $27.15 million in mortgage financing for the purchase through Robert Kadoori of the CB Richard Ellis Debt & Equity Finance Group.