BUYER: Riverside Palms LLC, Miami
SELLER: Brookside Tampa LLC
PROPERTY: 5008 Sierra Place, Tampa
PRICE: $6.5 million
PREVIOUS PRICE: $17.75 million, May 2007
ATTORNEY FIRM ON DEED: Gary A. Levinson Esq., Fort Lauderdale
PLANS, DESCRIPTION: Miami-based N.R. Investments purchased the 354-unit Brookside Apartments for $6.5 million.
The price equated to $18,362 per unit or $20 per square foot.
Darron Kattan, Robert Goldfinger and Kevin Kelleher, all of Franklin Street, handled the transaction.
The short sale of Brookside began four years ago.
“The challenges to this transaction were amplified by the poor physical condition of the property and the fact that the owner/property literally ran out of funds to operate months ago,” Kattan says in a press release. “That being said, the buyer got a great value-add garden-style community. The property has large units with a great layout and has the potential to be turned around and perform well.”
The Temple Terrace development features 42 two- and three-story buildings on a 14.6-acre site, according to Franklin Street. Common area amenities include a tennis court, three swimming pools and laundry facilities.
Kattan says renovating and repositioning the property, coupled with improving market fundamentals, should allow the new ownership to increase net operating income in the short-run and capital appreciation over the long-term.
The purchase entity Riverside Palms LLC mortgaged the property to Bank Leumi USA for $8 million.
N.R. Investment is a private real estate investment, management and development company.