Urisha Holdings buys Charleston Landings

BUYER: Urisha Holdings LLC (principal: Irene Sue Bartram), Minneapolis

SELLER: Brandon-Oxford Associates Limited Partnership

PROPERTY: 902 Delaney Circle, Brandon

PRICE: $24.5 million

PREVIOUS PRICE: $1.5 million, April 1985

LAW FIRM ON DEED: Ballard Spahr LLP, Denver

PLANS, DESCRIPTION: Urisha Holdings LLC, a limited liability company managed by Irene Bartram of Minneapolis, purchased the 300-unit Charleston Landings apartment development for $24.5 million.

The price equated to $81,667 per unit.

Built in 1987, units in the 19-building Brandon community average 854 square feet. The 256,144-square-foot, gated facility features a fitness center, swimming pool, four-acre lake and business center. It also includes a clubhouse, carwash station, playground and tennis and racquetball courts.

Charleston Landings had an average vacancy rate of 5%, according to the real estate research firm CoStar Group Inc.

Jamie May, Ryan Studzinski, Eddie Yang, Brian McMillan and Logan Kearney of The JBM Group of Institutional Property Advisors, a Marcus & Millichap Co. handled the transaction.

Dorvidor Management Co. of Minneapolis is managing the property.

The buyer mortgaged the property to City National Bank of Florida for $17 million.