Prospect Capital REIT buys Tampa's Lofton Place

BUYER: Lofton Place LLC (American Property Holdings Corp.), Glenview, Ill.
SELLER: Evergreen at Lofton Place LLC
PROPERTY: 5412 Deerbrooke Creek Circle, Tampa
PRICE: $26 million
PREVIOUS PRICE: $16 million, October 2009
LAW FIRM ON DEED: Alston & Bird LLP, Atlanta

PLANS, DESCRIPTION: Real estate investment trust APH Property Holdings, also known as American Property Holdings, purchased the 280-unit Evergreen at Lofton Place for $26 million.

The price equated to $92,857 per unit.

Located just off Gunn Highway, the 13-building development was constructed in 1988. It features a lakeside swimming pool and Jacuzzi, sand volleyball court, fitness center and car-care center. Its units range from one to three bedrooms.

According to the CoStar Group, the three-story, 241,133-square-foot community has an average vacancy rate of 1%.

The community's name has since been shortened to simply Lofton Place.

Providence Management Co. LLC is managing the community.

New York City investment company Prospect Capital Corp. created APH Property Holdings using debit and equity. The trust purchased the 770-unit Camden Live Oaks apartment complex for $63.4 million ($82,338 per unit) earlier this year, and it recently acquired the 340-unit Vista At Palma Sola apartments for $27 million ($79,412 per unit).

The purchase entity, Lofton Place LLC, mortgaged the property to Greystone Servicing Corp. Inc. for $16.97 million.