Apartment firm CAPREIT buys Sabal Palm at Carrollwood

BUYER: Sabal Palm Carrollwood Associates LLC, New York City

SELLER: Carrollwood Place Limited Partnership

PROPERTY: 3602 Carrollwood Place Circle, Tampa

PRICE: $39 million

PREVIOUS PRICE: $2.19 million, December 1994

LAW FIRM ON DEED: CAPREIT Residential Management LLC, Rockville, Md.

PLANS, DESCRIPTION: Rockville, Md.-based CAPREIT purchased the 432-unit Sabal Palm at Carrollwood apartment complex for $39 million.

The price equated to $90,278 per unit.

The 419,040-square-foot, three-story apartment complex was built in 1995. The lakefront property features a playground, fitness center, tennis court, swimming pool and business center. It was 95% occupied at the time of the sale.

Byron Moger and Luis Elorza of Cushman & Wakefield's Apartment Brokerage Services in Tampa handled the transaction.

“The property was in very good condition,” Moger says. “It was institutionally owned and managed. They still see the opportunity to put additional capital into it to raise its quality in the market even further.”

Moger described it as a class B+ or A- property.

CAPREIT owns and manages about 50 multifamily housing communities across the United States.

The purchase entity Sabal Palm Carrollwood Associates LLC mortgaged the property to AllState Insurance Co. for $27 million.