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Tampa investors buy Hickory Pointe Apartments

  • By Business Observer Staff
  • | 9:34 p.m. November 26, 2010
  • Tampa Bay-Lakeland
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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.”

 

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