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BUYER: PSREG District Owner LLC (members: SO/PSREG District Venture LLC, PSREG District Member LLC, Pollack Shores Real Estate Group LLC and Steven Shores), Atlanta
SELLER: Ronald Hockman
PROPERTY: 400 N. Rome Ave., Tampa
PRICE: $4.5 million
PREVIOUS PRICE: $610,600, April 2015
LAW FIRM ON DEED: Sutherland Asbill & Brennan LLP, Atlanta
PLANS, DESCRIPTION:
Atlanta-based Pollack Shores Real Estate Group purchased 2.88 acres of vacant land west of Rome Avenue between West Gray and West Fig streets for $4.5 million.
The price equated to $1.56 million per acre.
Pollack Shores has announced plans to develop the property into an upscale 274-unit apartment complex called Havana Square. Units will have from one to three bedrooms.
The first units are scheduled for completion in the summer of 2016 with completion of the entire project following in early 2017.
Matrix Residential, the multi-family residential management division of Pollack Shores, will manage the property.
The purchase entity, PSREG District Owner LLC, mortgaged the property to Regions Bank for $30.71 million.
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