BUYER: Evergreen at Lofton Place LLC (NVR Lofton Place LP), Boston
SELLER: ERP Operating Limited Partnership, successor by merger to Merry Land LLC and Merry Land & Investment Co. Inc.
PROPERTY: 5412 Deerbrooke Creek Circle, Tampa
PRICE: $16 million
PREVIOUS PRICE: $14.2 million, December 1993
LAW FIRM ON DEED: Brick Gentry PC, West Des Moines, Iowa
PLANS, DESCRIPTION: Evergreen Residential and Northview Capital purchased the Lofton Place apartments on Deerbrooke Creek Circle north of Gunn Highway from Equity Residential for $16 million.
The real estate research firm CoStar groups reports the 300,394-square-foot complex houses 280 residential units and was originally built in 1988. The purchase price equated to $57,143 per unit.
Kevin Judd, Dick Donnellan and Patrick Dufour of Apartment Realty Advisors represented the seller.
The apartment complex had a 5% to 7% vacancy rate at the time of the sale, according to Judd.
“I think [what the buyers liked] was the location of the asset,” Judd says. “It's close to the Carrollwood area.... in a very infill kind of core location. I think they were attracted to the age and quality of the property. It was a very stabilized asset.”
Lofton Place was financed under Freddie Mac's Capital Markets Execution program through ARA Finance, a joint venture of ARA and CWCapital through a $12 million mortgage.