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Park at Polos Place sells for $24.7 million


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  • | 4:13 p.m. December 20, 2013
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=BUYER: MP Park at Polos LLC, Plano, Texas
SELLER: Polos Associates LLC
PROPERTY: 10301 Marsh Harbor Way, Riverview
PRICE: $24.7 million
PREVIOUS PRICE: $22.19 million, September 2006
LAW FIRM ON DEED: Schulte Roth & Zabel LLP, New York City

PLANS, DESCRIPTION: Plano, Texas-based real estate investment company McDowell Properties purchased the 320-unit The Park at Polos Place apartments for $24.7 million.

The price equated to $77,188 per unit.

Built in 1988, the apartment complex features a mixture of one- and two-bedroom units with between 759 and 953 square feet of living space. Amenities include a clubhouse, fitness and business centers, a swimming pool and tennis, racquetball and volleyball courts.

The community was roughly 95% leased at the time of the sale.

“The seller did a light value-add on the interiors in 2007 and 2008, and we will be completing that,” Jake Gentling, vice president of acquisitions of McDowell Properties. “We'll also be renovating the leasing center, clubhouse and fitness center.”

Gentling says McDowell Properties liked the growth potential along the west coast of Florida and particularly this area of Tampa Bay near the Courtney Campbell Causeway.

The seller was an affiliate of Tampa-based Blue Rock Partners.

The purchase entity, MP Park at Polos LLC, mortgaged the property to Wells Fargo Bank NA for $19 million.

 

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