Doral Oaks sells for $13.75M

TEMPLE TERRACE — Brothers Jose and Damian Jimenez of Escondido, Calif., purchased the 252-unit Doral Oaks Apartments for $13.75 million. GMC Doral Oaks LLC was listed as the seller in a deal brokered by Byron Moger and Luis Elorza of Cushman & Wakefield of Florida Inc.

Built in 1967, Doral Oaks was renovated by each of the two previous owners over the past five years. The property was sold in August 2009 for $10.7 million, about 22% below this week's sale price.

The complex's occupancy was in the mid-90% range at the time of the sale. The property features a clubhouse, fitness center and laundry facilities.

“It's right next to the downtown city center redevelopment,” Moger says. “A lot of things are happening there, so it should benefit substantially from that. The seller bought the property at a good price, and the market had improved, so they felt it was an opportune time to sell.”

The purchase entities, JMJ Doral Oaks LLC and DJ Doral Oaks LLC, mortgaged the property to Arbor Commercial Funding LLC for $8.97 million.