BUYER: Unknown Tampa investment group
SELLER: Hickory Pointe LLC
PROPERTY: 5013 E. Sligh Ave., Tampa
PRICE: $3.2 million
PREVIOUS PRICE: $9.5 million, April 2007
PLANS, DESCRIPTION: An anonymous group of Tampa investors purchased Hickory Pointe LLC from Intervest Bank, a deal that allowed the group to acquire the 160-unit Hickory Pointe Apartments complex for $3.2 million.
The price equated to $20,000 per unit.
The majority of the units are townhomes with an average size of 1,008 square feet. The complex is 20% occupied.
John Burpee and Sean Lance of NAI Tampa Bay handled the transaction.
“The property had some problems,” Burpee says. “There was a tremendous amount of deferred maintenance. The new owner is going to have to spend $1 million to $1.5 million to bring it up to rentable standards.”