Hillsborough County buys Cedar Pointe Apartments

BUYER: Hillsborough County, Tampa

SELLER: Wells Fargo Bank NA as trustee for the Registered Holders of LaSalle Commercial Mortgage Securities Inc

PROPERTY: 5409 Temple Palms Ave., Tampa

PRICE: $1.8 million

PREVIOUS PRICE: $4.26 million, September 2005

LAW FIRM ON DEED: Byran Cave LLP, Dallas

PLANS, DESCRIPTION: Hillsborough County purchased the 76-unit Cedar Pointe Apartments for $1.8 million.

The price equated to $23,684 per unit.

The county plans to turn the complex into affordable housing.

Wells Fargo Bank recently foreclosed on the previous owners of the 21-building complex. At the time of the foreclosure, the loan had a $3.4 million balance and the complex was 51% occupied. Built in 1986, the gated community includes a swimming pool.

John Stone and Jason Stanton of Colliers International Tampa Bay worked on behalf of Wells Fargo.

“It is in need of some capital improvements,” Stanton says. “It needed to be cleaned up and stabilized. It will probably require another $2,000 to $8,000 a unit. It's in a class-C location.”

The county used Neighborhood Stabilization Program funds for the purchase.