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BUYER: Pacifica Bayou LLC (manager: Deepak Israni), San Diego
SELLER: Sheltering Palms Florida - Bayou Crossing LLC
PROPERTY: 10305 Zackary Circle and 6506 S. 301 Highway, Riverview
PRICE: $11.5 million
PREVIOUS PRICE: $5.75 million, October 2011
LAW FIRM ON DEED: Zimmerman Kiser & Sutcliffe PA, Orlando
PLANS, DESCRIPTION:
San Diego-based real estate firm Pacifica Cos. purchased the 290-unit Bayou Crossing Apartments for $11.5 million.
The price equated to $39,655 per unit. That figure is less than the two-year average price per unit for multifamily space ($70,803) in the Tampa Bay area, according to the CoStar Group.
The 264,000-square-foot development feature 14 buildings on a 22.34-acre parcel. The largely three-story garden-style apartment includes a swimming pool. It was built in 1995.
As of May, the apartment was 94.5% occupied, according to the real estate research firm CoStar Group.
Founded in 1978, Pacifica Cos. is a real estate developer, owner, investor and investment manager. Its portfolio includes hotels, mixed-use projects, master-planned communities, office and industrial buildings, retail shopping centers, senior housing and single-family and multifamily projects in the United States, Mexico and India. It employs nearly 3,000 people in the United States and Asia.
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