Investment group buys Newport Square

BUYER: Park Pointe Apartments LLC (principal: Albert Salem III), Tampa
SELLER: Ashley Acquisition Ltd.
PROPERTY: 5505 N. Himes Ave., Tampa
PRICE: $8.93 million
PREVIOUS PRICE: $12.3 million, May 2006
LAW FIRM ON DEED: Arnstein & Lehr LLP, Miami

PLANS, DESCRIPTION:
Tampa attorney Albert Salem III is leading an investment group that purchased the 188-unit Newport Square apartment for $8.93 million.

The price equated to $47,473 per unit. 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.