California 1031 investors buy Legends Field Apartments

BUYER: JMJ Villas South LLC (principal: Jose Jimenez) and DJ Villas South LLC (principal: Damian Jimenez), Escondido, Calif.
SELLER: Church Ave Apartments Ltd.
PROPERTY: 6059 N. Legends Villa Drive, Tampa
PRICE: $1.97 million
PREVIOUS PRICE: $1.8 million, December 2004

BUYER: JMJ Villas LLC (principal: Jose Jimenez) and DJ Villas LLC (principal: Damian Jimenez), Escondido, Calif.
PROPERTY: 6059 N. Church Ave., Tampa
PRICE: $1.39 million
PREVIOUS PRICE: $1.8 million, December 2004

LAW FIRM ON DEED: Arnstein & Lehr LLP, Coral Gables

PLANS, DESCRIPTION: Brothers Jose and Damian Jimenez of Escondido, Calif., purchased the 78-unit Villas at Legends Field Apartments for $3.35 million.

The price equated to $42,949 per unit or $73 per square foot.

Built in 1973, the 4.07-acre property was completely renovated in 2006. It features a business center, pool and private patios.

Darron Kattan, Bob Goldfinger and Kevin Kelleher of Franklin Street, handled the transaction.

Legends Field was the last of three properties in the Tampa area acquired by Jimenez brothers as part of a 1031 exchange. They recently purchased the 252-unit Doral Oaks Apartments in Temple Terrace for $13.75 million.