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Saturday, May 8, 2010

Lender-Owned Apartments sell in Tampa

Tampa, Florida - Marcus & Millichap Real Estate Investment Services has recently announced that 121 units at a failed condominium conversion, named Legacy at Tampa sold for $2.1 million. This equates to $17,355 per unit, which we feel is a fantastic deal for a Commercial Real Estate Investment, especially in Tampa.
This is not a nice return for Compass Bank, which took the condo community back from Group Developers LLC last July. Apparently Group Developers were only able to manage to sell just 47 units averaging just under $182,000 each.

Reports of the Buyer have been hush, hush. We will have to give the Commercial Real Estate Investors very high marks to pull of this purchase of the Legacy at Tampa, Apartment Complex.

Constructed in 1983, the community was operated as an Apartment Community until mid-2006 when it was purchased and converted to condominiums. Sales commenced in 2007, and between May 2007 and March 2008 some 47 condos were sold at an average price of $181,864 per unit.

The location of Legacy at Tampa is at 13801 N. 37th Street in Tampa, Florida.

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