Everett Realty buys Central Park, Terrance Pointe

BUYER: Bayside Ventures V LLC, Tampa
SELLER: Central Park/Vogue LP and Central Park II LLC
PROPERTY: 7500 Central Park Circle, Tampa
PRICE: $7.2 million
PREVIOUS PRICE: $14.2 million, June 2006

BUYER: Bayside Ventures IV LLC, Tampa
SELLER: Terrance Pointe Apartments I LLC, Terrance Pointe Apartments II LLC and Terrance Pointe Apartments III LLC
PROPERTY: 11305 and 11613 N. 51st St., Tampa
PRICE: $5.7 million
PREVIOUS PRICE: $13 million, August 2006
LAW FIRM ON DEED: Hill Ward & Henderson PA, Tampa

PLANS, DESCRIPTION: Tampa-based Everett Realty Services purchased the 216-unit Central Park Apartments and the 240-unit Terrance Pointe Apartments for $12.9 million.

The price equated to $28,289 per unit.

Darron Kattan, Robert Goldfinger and Kevin Kelleher of Franklin Street Financial Partners handled the transaction. Andrew Wright of Franklin Street Asset Management Group advised the seller as part of its bankruptcy financing.

The two-story Central Park development includes a clubhouse, fitness center, laundry facility, pool, spa and tennis court. Terrance Pointe features a laundry facility and three pools.

The two Temple Terrace-area apartment complexes have been involved in a bankruptcy case for several years and a deal to sell them has been on hold for the past two years, according to Kattan.

“Technically this was a short sale,” he says. “This was part of a larger portfolio recapitalization, so this didn't represent true current market value. The deal was structured years ago.”

Two years ago, the Central Park Apartments was running an occupancy rate in the low 80% range and the Terrance Pointe Apartments was in the mid-70s. Now both have occupancies in the 90% range.

Everett Realty Services mortgaged the two properties to Stonegate Bank for a total of $8.3 million.