Canadian investment group buys Swan Lake Apartments

BUYER: Swan Lake Realty LP, Orlando

SELLER: LB-UBS 2005-C3 Swan Lake Apartments LLC

PROPERTY: 3401 N. Lakeview Drive, Tampa

PRICE: $12.15 million

PREVIOUS PRICE: $14.12 million, April 2005

LAW FIRM ON DEED: Shutts & Bowen LLP, Orlando

PLANS, DESCRIPTION: Montreal, Quebec-based private investment firm Toulon Capital Partners Inc. purchased the 244-unit Swan Lake Apartments in Carrollwood for $12.15 million.

The price equated to $49,795 per unit.

Built in 1982, the apartment complex was 94% occupied at the time of the sale. The facility features lakes, a pool, a fitness center, lighted tennis courts, racquetball courts and a laundry facility.

John Selby and Jim Bobbitt of the CB Richard Ellis Multi-Housing Group in Tampa represented the seller.

“Swan Lake Apartments generated very strong investor interest and sold above the $12 million asking price, demonstrating a highly competitive market for quality, stabilized multifamily assets,” Selby says in a press release.

Toulon Capital Partners, an affiliate of Toulon Development Corp., manages and invests in real estate for its private and institutional partners and investors.

The purchase entity Swan Lake Realty LP mortgaged the property to CBRE Capital Markets Inc. for $9.19 million.