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Tampa Bay Area
Business Observer Friday, Jan. 14, 2011 9 years ago

Transwestern Investment Co. buys Mallory Square Apartments

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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.

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