Ralston Place, Shadow Oaks sell for $13.8 million

BUYER: Oak Grove Tampa LLC (principals: Edward Lorin and Charles Hill), Santa Monica, Calif.

SELLER: Sandalwood Shadow Oaks LP

PROPERTY: 13944 Sandy Hill Loop, Tampa

PRICE: $7.4 million

PREVIOUS PRICE: $8.63 million, January 2004

BUYER: Beach Club Tampa LLC (principals: Edward Lorin and Charles Hill), Santa Monica, Calif.

SELLER: Sangeetha LP

PROPERTY: 2803 W. Sligh Ave., Tampa

PRICE: $6.4 million

PREVIOUS PRICE: $7.73 million, January 2004

LAW FIRM ON DEED: Keating & Schlitt PA, Orlando

PLANS, DESCRIPTION: Santa Monica, Calif.-based Strategic Realty Capital purchased the 200-unit Ralston Place Apartments and the 200-unit Shadow Oaks Apartments in Tampa for a combined $13.8 million.

The price for the Shadow Oaks Apartments equated to $37,000 per unit and $32,000 per unit for Ralston Place.

Following the acquisition, the Shadow Oaks Apartments was renamed Oak Grove and the Ralston Place Apartments was renamed Beach Club.

Built in 1983, the 162,480-square-foot Shadow Oaks Apartments features a clubhouse, playground, pool, tennis courts and laundry facilities. The community occupies a 16.72-acre site north of 138th Avenue.

The 32-year-old Ralston Place Apartments on Egypt Lake contains a fitness center, pet play area, clubhouse, pool and laundry facilities. It sits on a 13.41-acre parcel north of Sligh Avenue and west of Habana Avenue.

Calls to Strategic Realty Capital for comment were not returned prior to deadline.

In February, Strategic Realty Capital purchased the 218-unit River Gardens Apartments in Tampa. The private equity firm owns more than 6,000 units.

The buyer mortgaged the property to Guggenheim Life and Annuity Co. for $12 million.