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BUYER: 12702 University Club LLC (manager: Ron Orgel and Keith Rosenthal), New York City
SELLER: PBE Cos. LLC
PROPERTY: 12702 University Club Drive, Tampa
PRICE: $21.8 million
PREVIOUS PRICE: $2.5 million, December 2011
LAW FIRM ON DEED: Stearns Weaver Miller Weissler Alhadeff & Sitterson PA, Miami
PLANS, DESCRIPTION:
New York City-based Phoenix Realty Group LLC purchased the 536-unit University Club Apartments for $21.8 million.
The price equated to $40,672 per unit. That figure is lower than the two-year average price per unit for multifamily space ($72,609) in the Tampa Bay area, according to the CoStar Group.
The apartment complex features 68 two- and three-story residential buildings on a 19.4-acre site three blocks south of Fletcher Avenue. The gated property was constructed in 1975. It has 256 one-bedroom/one-bath units, 200 two-bedroom/two-bath apartments and 80 three-bedroom/two-bath units.
Amenities include laundry facilities, a fitness center, business center, two dog parks, a playground and two swimming pools.
Francesco Carriera and Michael Regan in Marcus & Millichap's Tampa office handled the transaction.
“The property offers upside potential through strategic capital upgrades supported by strong growth in the immediate area and improving Tampa Bay market conditions,” Regan says in a press release.
Phoenix Realty Group manages more than $1.35 billion in assets and nearly 10,000 apartment units across the United States. It also owns Laguna Bay in Naples.
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