Bayfair, Oxford properties purchase land for apartment development

BUYER: Iris Crosstown Apartments LLC (Iris Crosstown Partners LLC), Atlanta

SELLER: Equity Realty Group LLC

PROPERTY: 10143 Palm River Road, Tampa

PRICE: $4.04 million

PREVIOUS PRICE: $3.5 million, December 2007

ATTORNEY ON DEED: Bryan W. Sykes Esq., Tampa

PLANS, DESCRIPTION: Atlanta-based Oxford Properties and Tampa-based Bayfair Properties LLC purchased 21.47 acres near South Falkenburg Road and East Adamo Drive for $4.04 million.

The price equated to $188,053 per acre.

The joint-venture partners plan to develop a 13-building apartment community on a 19.5-acre portion of the site, called The Iris at Crosstown. Along with 342 residential units the property will include a clubhouse, separate leasing center, pool, detached garages and an exercise room.

“That site is ideal for a multifamily development,” says Mike Morris, president of Bayfair Properties. “It's not on a main road. It's located adjacent to a new proposed retail community — the Estuary. It's three quarters of a mile north of the Crosstown Expressway, so its access is excellent almost any time of day.”

Morris hopes to be able to break ground on the $35 million development in October. The project will take seven to 18 months to complete.

The purchase entity Iris Crosstown Apartments LLC mortgaged the property to Equity Realty Group LLC for two loans totaling $4.79 million.