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Pollack Shores, Carlyle Group buy Audubon Village Apartments

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  • | 3:47 a.m. October 15, 2011
  • Commercial Real Estate
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BUYER: CRP/Pollack Audubon Village LLC (CRP/Pollack Audubon Village Venture LLC), Atlanta

SELLER: ERP Operating LP

PROPERTY: 5830 Memorial Highway, Tampa

PRICE: $32.5 million

PREVIOUS PRICE: $19.2 million, September 1993

LAW FIRM ON DEED: Equity Residential, Chicago

PLANS, DESCRIPTION: Atlanta-based Pollack Shores Real Estate Group and The Carlyle Group purchased the 447-unit Audubon Village Apartments for $32.5 million.

The price equated to $72,707 per unit.

The garden-style complex features a private lake, two pools, tennis, racquetball and sand volleyball courts and a fitness studio. Built in 1990, the development houses 17 three-story buildings. Its units average 849 square feet.

Chicago-based Equity Residential, a public company that owns and manages 419 apartment properties nationwide, previously owned the apartment complex.

Calls to Pollack Shores Real Estate Group were not returned prior to deadline.

Pollack Shores Real Estate Group is a real estate investment and service firm focused on multifamily and mixed-use properties. It has invested in more than 35,000 residential units worth more than $3.2 billion over the past 30 years.

The Carlyle Group is a global alternative asset manager with $153 billion of assets under management across 86 funds.

The purchase entity CRP/Pollack Audubon Village LLC mortgaged the property to CIBC Inc. for $26 million.



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