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Real Estate Briefs (Tampa)

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  • | 6:00 p.m. August 1, 2005
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Real Estate Briefs (Tampa)

Miami investment group

buys 362 rental apartments

BUYER: Town N' Country Pointe Ltd., Miami.

SELLER: Apollo-Willmax Landmark LP, Dallas.

PROPERTY: 7936 Hanley Road.

PRICE: $22,000,000.

PRIOR SALE: $8,000,000, 1997.

LAW FIRM ON DEED: Machado & Xiques LLP, Coral Gables.

PLANS, DESCRIPTION: A Miami investment group has bought the 362 rental units in Tampa's Sunset Palms apartment community.

Town N' Country Point Ltd. paid $22 million, or about $60,773 a unit, for the 40 buildings at 7936 Hanley Road in Tampa's Town and County community.

The sale is 175% more than the prior purchase price. Dallas-based Apollo-Willmax Landmark LP purchased the 31-year-old property in December 1997 for $8 million.

It's uncertain what the buyers, affiliates of Miami's Pointe Developers Inc., have planned for the 8-acre site. None of the firm's three managing members responded to a request for comment. They are Miami investors Ralph Velocci, Alberto Arisso and Jorge Morera.

For now, the apartment community no longer accepts rental contracts, says a leasing agent. That's because of current renovations.

The leasing agent could not say when the new buyers plan to resume leasing operations. Nor would the agent say whether the new owners have expressed any intention to convert the rental units into condos.

Pointe Developments financed the acquisition with a $25.9 million mortgage through FirstBank Puerto Rico.


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