Massachusetts group buys Summer Palms

Massachusetts group buys Summer Palms

BUYER: Summer Palms LLC (Robbins Manager LLC), Newton, Mass.

SELLER: Blue Valley Apartments Inc.

PROPERTY: 20330 Summer Palm Drive, Riverview

PRICE: $16.2 million

PREVIOUS PRICE: $741,200, November 2000

LAW FIRM ON DEED: Jones Foster Johnston & Stubbs PA, West Palm Beach

PLANS, DESCRIPTION: Newton, Mass.-based developer Robbins Property Associates LLC purchased the 340-unit, four-story Summer Palms Apartments for $16.2 million.

The purchase price equated to $47,647 per unit.

The development was previously bound by low-income housing tax credit to rent only to low-income tenants, but when the property went through foreclosure recently that requirement was dropped.

Completed in 2000, the gated complex features a lake, clubhouse, pool, business center, fitness center, sand volleyball court, two tot lots and a laundry facility. It was 90% occupied at the time of the sale.

The purchase entity Summer Palms LLC mortgaged the property to Walker & Dunlop LLC for $12.4 million.

Robbins Property Associates LLC also recently purchased the Legend Oaks apartments at 4714 N. Habana Ave., Tampa from General Electric Credit Equities for $16.3 million.

Byron Moger of Cushman & Wakefield of Florida Inc. handled the transaction.