Tampa apartments sell for $3 million discount

BUYER: 13533 Gragston LLC (Integritas Residential LLC), Tampa

SELLER: Southern Oaks LLC

PROPERTY: 13533 Gragston Circle, Tampa

PRICE: $3.05 million

PREVIOUS PRICE: $6 million, April 2007

LAW FIRM ON DEED: Majesty Title Services LLC, Tampa

PLANS, DESCRIPTION: Tampa-based Avesta Homes LLC purchased the 120-unit Southern Oaks apartment development for $3.05 million.

The price equated to $25,417 per unit.

Located near the University of Southern Florida, the 6.78-acre apartment complex features 84 buildings. It was built in 1984 and has a swimming pool and laundry facilities.

Michael Regan and Francesco Carriera of Marcus & Millichap's Tampa office handled the transaction.

“It's located in a tougher market with more economic [job] vacancies than many others, which is why it sold for the lower price point,” Regan says. “When we first took the listing, it was 70% occupied, but it has since gone up from there. When it was sold it was 82% occupied. That market has started to stabilize.”

Regan says that a number of the surrounding properties have gone back to their lenders and then been resold to private investors. Those new owners have stabilized them, which he says is starting to improve the area.

Avesta Homes has been one of the most active multifamily investors recently in the Gulf Coast market. It purchased the 193-unit Treesdale Condominiums in Bradenton for $5.55 million, the 187-unit Fredericksburg Apartments in Tampa for $4.48 million and a 43-unit apartment portfolio in New Port Richey for $1.18 million.