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BofA Community Development buys apartments
BUYER: Riley Chase Apartments LLC (Bank of America Community Development Corp.), Tampa
SELLER: FHFC II Inc.
PROPERTY: 1015 Panacea Blvd., North Port
PRICE: $8.2 million
PREVIOUS PRICE: $2.16 million, August 1999
LAW FIRM ON DEED: Nabors Giblin & Nickerson PA, Tallahassee
PLANS, DESCRIPTION: Bank of America Community Development Corp. purchased the 312-unit Riley Chase Apartments near the intersection of Toledo Blade and Haberland boulevards for $8.2 million.
The purchase price equated to $26,282 per unit. Built in 2001, the 287,928-square-foot community features 13 three-story buildings. It was 82% occupied at the time of the sale.
The property recently went through a foreclosure, which stripped its rent controlled and resident-income restrictions from the Low Income Housing Tax Credit program, allowing the new ownership to raise rents to market levels for new tenants.
The community features a central lake, business center, swimming pool with sun deck, fitness center, laundry facilities, a children's play area and recreation field and a free onsite after-school program funded though public grants.
Jamie May and Matt Mitchell in Marcus & Millichap's National Multi Housing Group, brokered the sale in conjunction with Marcus & Millichap's Seattle-based Tax Credit Group on behalf of the seller, the Florida Housing Finance Corp.
“They bought it well below replacement cost,” May says. “The property was tunnel-form concrete....very well built and maintained. The only thing it didn't offer that's typical in 2001 construction is balconies.”
Bank of America Community Development Corp. did a 14-day due diligence and made an all cash offer above asking price, according to May
The Bank of America Community Development Corp., a wholly owned subsidiary of Bank of America, N.A., does real estate developments and investments in low- and moderate-income communities nationwide.
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