BUYER: Landmark at Sky Tower Suites LLC (87.18% interest), Jupiter and Fountainhead Sky Tower Suites Investor LLC (12.82%) (principal: Warren Stamm), Sunny Isles
SELLER: Fontana Holdings Inc.
PROPERTY: 4200 E. Fletcher Ave., Tampa
PRICE: $2.75 million
PREVIOUS PRICE: $6.5 million, April 2004
LAW FIRM ON DEED: Macfarlane Ferguson & McMullen, Clearwater
PLANS, DESCRIPTION: A joint venture of real estate investors purchased an 800-bed, 13-story student housing development for $2.75 million.
The price equated to $3,438 per bed.
The building, known as The Edge, is across the street from the University of South Florida campus. The partnership that bought the building is a joint venture that includes Landmark Residential, Dezer Properties and Forge Capital Partners.
Originally called Fontana Hall, the multi-family apartment/dormitory building was built in 1967. The complex features a cafe, a laundry facility, a study lounge and an indoor basketball court. It also has a fitness center, a swimming pool and game and poker rooms.
“It's our intention to renovate and upgrade the building,” says Joe Lubeck, managing partner of Landmark Residential. “It's a well-constructed building in a great location.”
Landmark Residential will eventually manage the property.
Dezer Properties is a real estate company that principally owns and manages commercial properties in New York City and along Florida's east coast.
A large apartment operator, Landmark Residential runs 12 apartment complexes in Florida, including six on the Gulf Coast. Forge Capital Partners is a commercial real estate investment company that sponsors and manages private equity funds.