Loading
BUYER: Landmark at Avery Place LLC (principal: Joseph Lubeck), Jupiter
SELLER: JSP Nevada LLC
PROPERTY: 11500 N. Dale Mabry Highway, Tampa
PRICE: $12.93 million
PREVIOUS PRICE: $10.89 million, July 2005
LAW FIRM ON DEED: Ruden McClosky PA, Fort Lauderdale
PLANS, DESCRIPTION: Jupiter-based Landmark Residential purchased the 264-unit Reflections at Carrollwood apartment complex for $12.93 million.
The price equated to $48,958 per unit.
Built in 1982, the complex features one- and two-bedroom units with an average size of 729 square feet. The community features a clubhouse, a pool, a fitness facility and a business center. The complex has had an average occupancy of more than 90% over the past three years.
The ARA Central/North Florida team of Kevin Judd, Patrick Dufour and Dick Donnellan represented the seller, San Francisco-based Jackson Square Properties.
“The buyer is very familiar with the Tampa market and owns several properties in the immediate area,” Dufour says. “They believe in Tampa's underlying fundamentals long-term and see significant upside in the market in the near term.”
Landmark Residential plans to renovate the interiors of several of the units. It assumed two loans from Fannie Mae with interest-only financing in the deal.
Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.
Join thousands of executives who rely on us for insights spanning Tampa Bay to Naples.
