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UBS Realty Investors affiliate pays $111.5 million for Crescent Bayshore


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  • | 10:00 a.m. October 31, 2014
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BUYER: 319 Bayshore Boulevard Apartments Investors LLC
SELLER: Crescent Bayshore Venture LLC, Harford, Conn.
PROPERTY: 120, 204, 205 and 209 Hyde Park Place, 208 W. Platt St. and 101 W. Beach Place, Tampa
PRICE: $111.5 million
PREVIOUS PRICE: $5.02 million, August 2012
LAW FIRM ON DEED: Troutman Sanders LLP, Charlotte, N.C.

PLANS, DESCRIPTION:
An affiliate of UBS Realty Investors LLC purchased the recently completed 367-unit Crescent Bayshore apartment community for $111.5 million.

The price equated to $303,815 per unit. That figure is higher than the average price per unit for multifamily space ($70,803) in the Tampa Bay area, according to the CoStar Group.

The 4.6-acre downtown property features five eight-story residential buildings and an eight-level garage. Units range in size from one to three bedrooms.

With 651,442 square feet of space, the project includes a two-story health club and fitness center overlooking a 7,000-square-foot swimming pool deck and the bay. Additional amenities include a rooftop terrace, an outdoor kitchen with grilling stations, a business lounge and a resident club room with a wine bar and private dining area.

The project, which was originally called Crescent Circle, was developed by Charlotte, N.C.-based Crescent Communities and built by Fort Lauderdale-based Moss & Associates. MSA Architects of Miami designed it.

Crescent Bayshore opened in June.

UBS Realty declined to comment on the purchase. The firm invests in apartment, office, retail and industrial real estate.

 

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