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Miami investment group buys Brandon Crossing Apartments


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  • | 10:00 a.m. October 3, 2014
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  • Tampa Bay-Lakeland
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BUYER: Brandon Crossing Investors LLC (manager: Jared Brunnabend), Miami
SELLER: Brandon Crossing Partners Ltd.
PROPERTY: 1911 Brandon Crossing Circle, Brandon
PRICE: $14.5 million
PREVIOUS PRICE: $2.26 million, December 1982 and $1.3 million, January 1997
LAW FIRM ON DEED: Lowndes Drosdick Doster Kantor & Reed PA, Orlando

PLANS, DESCRIPTION:
Miami's Bayshore Investment Partners purchased the 200-unit Brandon Crossing Apartments for $14.5 million.

The price equated to $72,500 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.

Built in 1999, the 10-building apartment complex features a swimming pool, fitness and business centers and a playground. Its occupancy was in the mid-90% range at the time of the sale. Units average 1,053 square feet, according to CoStar.

Jared Brunnabend, principal of Bayshore Investment Partners, says the firm was attracted to the property by its location.

The investment group does not own any other apartments in the Tampa Bay area, he says, but is evaluating new opportunities in the region.

The purchase entity, Brandon Crossing Investors LLC, mortgaged the property to Walker & Dunlop LLC for $10.36 million.

 

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