Pacifica Properties buys units in Allegro Palms condominium

BUYER: Legacy Crescent LLC, (principals: Deepak, Ashok and Sushil Israni as trustees), San Diego, Calif.

SELLER: Allegro Palm LLC

PROPERTY: 5501 Legacy Crescent Place, various units, Riverview

PRICE: $10.03 million

PREVIOUS PRICE: $6.25 million, September 2009

LAW FIRM ON DEED: Pathman Lewis LLP, Miami

PLANS, DESCRIPTION: San Diego-based Pacifica Properties purchased 204 units of the 432-unit Allegro Palm condominium complex for $10.03 million.

The price equated to $49,165 per unit.

The purchase covered 207,621 residential space in 17 three-story buildings. Along with the condominium units, the acquisition also included 32 detached garages, 11 carports and 22 storage units.

Built in 1999 and 2000, the gated community features a central lake with walking trails, two swimming pools with a cabana and spa, a fitness center, cinema room, and lighted tennis and basketball courts.

Evan Kristol and Still Hunter III in the Fort Lauderdale office of Marcus & Millichap handled both sides of the transaction.

The sold units were 90% occupied by tenants, according to Kristol.

“It was preforming very well,” he says. “There were only one or two vacancies. It's in a strong rental location, and in that area it's one of the best properties. The current seller maintained and operated it very well.”

The purchase was finalized two days before Pacifica Properties purchased the 376-unit Edisto Lake Apartments in Fort Myers for $7 million.

Pacifica Properties' purchase entity Legacy Crescent LLC mortgaged the property to U.S. Bank NA for $7.18 million.