Loading
BUYER: Park Village Investment Properties LLC (principal: Michael Gregory), Tampa
SELLER: Evah Garcia, Ellen Buell and Mary Walker as successor co-trustee of the Warren Rendall Revocable Trust
PROPERTY: 7601 Paula Drive, Tampa
PRICE: $765,000
LAW FIRM ON DEED: Glenn Rasmussen Fogarty & Hooker, Tampa
PLANS, DESCRIPTION: An investment group led by Michael Gregory, co-owner of Tampa's Quality Brick Pavers Inc. purchased the 18-unit Park Village for $765,000.
The price equated to $42,500 per unit or $47.60 per square foot.
Built in 1967, the garden-style rental community features a mixture of four one-bedroom one-bath units, 12 two-bedroom one-bath units and two three-bedroom two-bath units. The property was 88% occupied at the time of the sale.
Calls to Gregory for comment were not returned prior to deadline.
Kevin Kelleher, Bob Goldfinger, and Darron Kattan, all of Franklin Street, were co-op brokers in this transaction. The sale was not distressed and the seller was able to find conventional financing, according to Kelleher.
“Financing is starting to come back,” he says. “A year ago there was only one lender financing projects, and today there's four or five. This is a 10% [capitalization rate] all day long, and if the buyer works hard it could be a 15% or 20% cap.”
Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.
Join thousands of executives who rely on us for insights spanning Tampa Bay to Naples.
