Canadian investor buys 108 Palmera Pointe condos

BUYER: Luna Partnership One LLP, Tampa

SELLER: Capital Bank NA fka NAFH National Bank

PROPERTY: 7936 N. Hanley Road, various units, Tampa

PRICE: $2.84 million

LAW FIRM ON DEED: GrayRobinson PA, Miami

PLANS, DESCRIPTION: A Canadian investment adviser operating as Luna Partnership One LLP purchased 108 units of the 360-unit Palmera Pointe Condominium complex for $2.84 million.

The price equated to $26,288 per unit.

The 108 units were a mixture of one- to four-bedroom condominiums. The new owner plans to continue to lease out the units, which were 76% occupied when they were initially being marketed.

NAI Tampa Bay took control of the units and stabilized them prior to the sale, and DLG Management Inc. assumed control of the homeowners association. John Burpee and T. Sean Lance of NAI Tampa Bay handled the transaction.

The upcoming end of the Florida Distressed Condominium Act strongly influenced the timing of the sale, according to Lance. Scheduled to expire July 1, the Florida law gives bulk purchasers and bulk assignees protection from certain liabilities of the previous owners, including past-due assessments.