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Trust buys Costa Del Sol Apartments

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  • | 7:59 p.m. August 18, 2009
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  • Tampa Bay-Lakeland
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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.

The buyer acquired the property as part of a 1031 exchange for all cash, which led to a higher-than-market price, according to Goldfinger.

“This [price] transcended the marketplace,” says Goldfinger. “The parameters of the 1031 Exchange really drove it. This particular client also wanted something in turnkey condition. They wanted something they could take over easily. This was all block construction with a pitched roof. It just fit all their requirements.”

Goldfinger says he's seen an increase in the value of some high quality real estate even in the current commercial slowdown as investors look to acquire more premium properties.

The apartment community is being viewed as a long-term hold by the new ownership.


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