Dunedin Housing Authority buys Lady Mary apartments

BUYER: Dunedin Housing Authority, St. Petersburg

SELLER: Cornerstone Community Bank

PROPERTY: 30 and 110 Lady Mary Drive N., Clearwater

PRICE: $730,000

PREVIOUS PRICE: $650,000, January 2006

LAW FIRM ON DEED: Squire Sanders & Dempsey LLP, Tampa

PLANS, DESCRIPTION: The Dunedin Housing Authority purchased the 20-unit Lady Mary Drive Apartments for $730,000. The price equated to $36,500 per unit.

The housing authority will lease 15 of the units to families with incomes up to 80% of the area's median income. The remaining five units will be affordable housing for families who make up to 150% of the area's median income.

Housing authority personnel will assess each unit and make recommendations for improvements. Some of the units will likely require replaced floors, cabinets, countertops, HVAC systems and paint. The building is near downtown Clearwater.

The housing authority will send out a request for bids for the work in November. Units are expected to become available between January and February.

The purchase was funded using federal grant money from the Neighborhood Stabilization Program.

Casey Babb with Marcus & Millichap's Tampa office represented the buyer.