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BUYER: Urisha Holdings LLC (principal: Irene Sue Bartram), Minneapolis
SELLER: Brandon-Oxford Associates Limited Partnership
PROPERTY: 902 Delaney Circle, Brandon
PRICE: $24.5 million
PREVIOUS PRICE: $1.5 million, April 1985
LAW FIRM ON DEED: Ballard Spahr LLP, Denver
PLANS, DESCRIPTION: Urisha Holdings LLC, a limited liability company managed by Irene Bartram of Minneapolis, purchased the 300-unit Charleston Landings apartment development for $24.5 million.
The price equated to $81,667 per unit.
Built in 1987, units in the 19-building Brandon community average 854 square feet. The 256,144-square-foot, gated facility features a fitness center, swimming pool, four-acre lake and business center. It also includes a clubhouse, carwash station, playground and tennis and racquetball courts.
Charleston Landings had an average vacancy rate of 5%, according to the real estate research firm CoStar Group Inc.
Jamie May, Ryan Studzinski, Eddie Yang, Brian McMillan and Logan Kearney of The JBM Group of Institutional Property Advisors, a Marcus & Millichap Co. handled the transaction.
Dorvidor Management Co. of Minneapolis is managing the property.
The buyer mortgaged the property to City National Bank of Florida for $17 million.
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