Tampa's Park Village sells for $765,000

BUYER: Park Village Investment Properties LLC (principal: Michael Gregory), Tampa

SELLER: Evah Garcia, Ellen Buell and Mary Walker as successor co-trustee of the Warren Rendall Revocable Trust

PROPERTY: 7601 Paula Drive, Tampa

PRICE: $765,000

LAW FIRM ON DEED: Glenn Rasmussen Fogarty & Hooker, Tampa

PLANS, DESCRIPTION: An investment group led by Michael Gregory, co-owner of Tampa's Quality Brick Pavers Inc. purchased the 18-unit Park Village for $765,000.

The price equated to $42,500 per unit or $47.60 per square foot.

Built in 1967, the garden-style rental community features a mixture of four one-bedroom one-bath units, 12 two-bedroom one-bath units and two three-bedroom two-bath units. The property was 88% occupied at the time of the sale.

Calls to Gregory for comment were not returned prior to deadline.

Kevin Kelleher, Bob Goldfinger, and Darron Kattan, all of Franklin Street, were co-op brokers in this transaction. The sale was not distressed and the seller was able to find conventional financing, according to Kelleher.

“Financing is starting to come back,” he says. “A year ago there was only one lender financing projects, and today there's four or five. This is a 10% [capitalization rate] all day long, and if the buyer works hard it could be a 15% or 20% cap.”