Trust buys Costa Del Sol Apartments

BUYER: Costa Del Sol Apartments LLC (principals: Shirley Carter, Carolyn Thatcher and James Farmer), Tampa
SELLER: Merecorp Inc.
PROPERTY: 7700 Ridge Road, Seminole
PRICE: $9.55 million
PREVIOUS PRICE: $4.7 million, August 2000
PLANS, DESCRIPTION: A prominent local family trust, using the limited liability company Costa Del Sol Apartments LLC, purchased the 144-unit Costa Del Sol Apartments South of Park Boulevard in Seminole for $9.55 million. The purchase price equated to $66,319 per unit or $84.22 per square foot.

The 113,400-square-foot, concrete block apartment complex was built in 1972. It features a swimming pool, clubhouse and playground. The community houses 72 one-bedroom units and 72 two-bedroom units ranging in size from 675 square feet to 900 square feet. The complex had an occupancy rate in the low 90%s at the time of the sale.

Franklin Street Real Estate Services broker Robert Goldfinger represented the buyer in the transaction, and John Burpee from NAI Real Estate represented the seller.