- January 21, 2011
Cedar Mountain buys Shadow Pines
BUYER: Cedar Mountain Investments LLC (principal: Robert Uhle), Powell, Ohio
SELLER: Allied Group Inc. as trustee of the North Tampa Community Trust
PROPERTY: 12202 N. 15th St., Tampa
PRICE: $1.2 million
PREVIOUS PRICE: $8 million, July 2004
TITLE FIRM ON DEED: Harmony Title Services Inc., Land O'Lakes PLANS, DESCRIPTION: Cedar Mountain Investments LLC, an investment group headed by Tampa's Robert Uhle, purchased the 48-unit Shadow Pines Apartments at the northwest corner of 15th Street and 122nd Avenue for $1.2 million.
The purchase price equated to $25,000 per unit and $25.13 per square foot. The 47,760-square-foot wood frame and concrete block complex only features 995-square-foot, two-bedroom units. It was 90% occupied at the time of the sale and occupies a blue-collar/low-rent location.
Franklin Street Real Estate Services Darron Kattan, Bob Goldfinger and Kevin Kelleher handled the transaction.
“The buyer, Cedar Mountain Investment, acquired this asset as its first with a goal to build a portfolio in the area,” Kelleher said in a statement. “They plan to continue to take advantage of today's discounted values and ride the cycle up. The seller, Allied Group, was very active in the Tampa Multi-family market for the last decade. This was their last remaining apartment property and they were motivated sellers looking to wind down their investments in multifamily.”
Cedar Mountain Investments LLC mortgaged the property to the former owner Allied Group Inc. as trustee of the North Tampa Community Trust for $934,260.