Prospect Property Group buys majority of Raintree Townhomes

BUYER: Prospect Tampa Townhomes LLC, Longwood

SELLER: Taipan Raintree LLC

PROPERTY: 6073 Gibson Ave., Tampa

PRICE: $2.08 million

LAW FIRM ON DEED: Anthony & Partners LLC, Tampa

PLANS, DESCRIPTION: Longwood-based Prospect Property Group purchased 77 of the 81 units in Raintree Townhomes for $2.08 million.

The price equated to $26,948 per unit.

Prospect Property Group acquired the remaining unsold units in the 5-year-old development after a bank foreclosure. Twenty-one of the 77 units will require additional construction.

“It's a nice property and we just plan to finish those units and lease it up,” says Frank Tetel, vice president of underwriting and acquisitions for Prospect Property Group. “We also plan to improve the grounds and landscaping. Those townhomes are great; they're spacious and have garages.”

The new ownership plans to rename the community the Casa Del Toro.

Prospect Property Group already owns 214 of the 312 units in the Mandalay on Fourth in St. Petersburg and 912 units in the Waterside at Coquina Key in St. Petersburg. The real estate firm also owns a number of other properties in Florida and Atlanta.