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Read Property Group buys Woodberry Woods apartments

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  • | 10:00 a.m. December 5, 2014
  • Tampa Bay-Lakeland
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BUYER: Woodberry Woods Apartments LLC (managers: Robert Wolf), Brooklyn, N.Y.
SELLER: Woodberry Woods Partners LP
PROPERTY: 808 Pineberry Drive, Brandon
PRICE: $21.8 million
PREVIOUS PRICE: $1 million, December 1994
LAW FIRM ON DEED: Burr & Forman LLP, Tampa

Brooklyn, N.Y.-based Read Property Group purchased the 348-unit Woodberry Woods Apartment Homes for $21.8 million.

The price equated to $62,644 per square foot. That figure is lower than the average price per unit for multifamily space ($70,803) in the Tampa Bay area, according to the CoStar Group.

The gated apartment community features 16 residential buildings and a clubhouse on 9.15 acres north of Woodberry Road. Units range from one to three bedrooms and are an average 924 square feet, according to the CoStar Group. Amenities include a swimming pool, business center, volleyball court, children's play area and fitness center. The community was built in 1996.

Read Property Group had not replied to a request for comment as of deadline.

The purchase entity, Woodberry Woods Apartments LLC, mortgaged the property to KeyBank National Association for $17.44 million.


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