Arvest Bank company sells Bryan Dairy Place Apartments

BUYER: Bryan Dairy Place Apartments LLC (principal: David Greider), Largo

SELLER: RHV LLC

PROPERTY: 6701 Bryan Dairy Road N., Largo

PRICE: $4.99 million

PREVIOUS PRICE: $7.1 million, May 2006

LAW FIRM ON DEED: Broad and Cassel, Miami

PLANS, DESCRIPTION: A Largo company led by David Greider purchased the 96-unit Bryan Dairy Place Apartments for $4.99 million.

The price equated to $51,927 per unit.

Built in 1986, the apartment development features only two-bedroom/two-bathroom units with 925 rentable square feet. A number of the units have upgraded wood cabinetry, stainless steel appliances and tiled bathrooms. Community amenities include a pool and laundry facilities.

Michael Regan, Francesco Carriera and Nicholas Meoli of Marcus & Millichap's Tampa office represented the seller, an affiliate of Arvest Bank. Carriera and Regan also represented the buyer.

“We were able to generate multiple offers within the first several weeks of marketing and were successful in creating a competitive market for the asset,” Regan says in a press release. “The amount of activity we had confirms that investor interest in 'B' quality assets remains extremely strong.”

The purchase entity Bryan Dairy Place Apartments LLC mortgaged the property to EverBank for $3.49 million.