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IMT Capital buys two apartments: Preserve at Westchase and Tuscany Bay Apartments

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  • | 8:15 a.m. January 31, 2014
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BUYER: IMT Capital III Tuscany Bay LLC (principals: Cory Thabit, John Tesoriero, Bryan Scher and Michael Browne), Sherman Oaks, Calif.
PROPERTY: 12065 Tuscany Bay Drive, Tampa
PRICE: $44.55 million
PREVIOUS PRICE: $44.4 million, October 2005

BUYER: IMT Capital III Preserve at Westchase LLC
PROPERTY: 12349 W. Linebaugh Ave., Tampa
PRICE: $33.73 million
PREVIOUS PRICE: $33 million, July 2005
LAW FIRM ON DEED: Arent Fox LLP, Washington, D.C.

PLANS, DESCRIPTION: Private real estate investment firm IMT Capital purchased two Tampa apartment complexes from Irving, Texas-based Archon Group for a combined $78.28 million.

The Sherman Oaks, Calif.-based company purchased the 300-unit Preserve at Westchase for $33.72 million ($112,423 per unit) and the 370 Tuscany Bay Apartments for $44.55 million ($120,416 per unit).

Both properties were highly stabilized at the time of the sale.

The 409,942-square-foot Tuscany Bay Apartments was built in 2001. It features 17 buildings on 45 acres. The apartment complex's amenities include a swimming pool, clubhouse, business and fitness centers, car wash and volleyball court.

Built in 1999, the gated 30.44-acre Preserve at Westchase features units with one to three bedrooms. Units average 963 square feet. Amenities include fitness and business centers, a clubhouse, basketball court, swimming pool and laundry facilities.

IMT Capital had not responded to a request for comment prior to deadline. The company focuses its investments on multifamily properties in California, Arizona, Texas and Florida.

IMT Capital mortgaged the two properties to Federal Home Loan Mortgage Corp. for two loans totaling $78.7 million.


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