The Tuscany apartments sells to New York City joint venture for $48.7 million

BUYER: AB Merion II Tuscany LLC New York City
SELLER: CMS Tuscany LP
PROPERTY: 6021 Medici Court and 4814 University Parkway, Sarasota
PRICE: $48.7 million
PREVIOUS PRICE: $1.53 million, December 1999 and $1.43 million, July 1996
LAW FIRM ON DEED: Arent Fox LLP, Washington, D.C.

PLANS, DESCRIPTION:
A joint venture of Wynnewood, Pa.-based Merion Realty Partners and an affiliate of AllianceBernstein U.S. Real Estate Partners L.P. of New York City purchased the 386-unit The Tuscany apartments for $48.7 million.

The price equated to $126,166 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.