Picerne Real Estate Group developing Oasis at Brandon

BUYER: The Oasis at Brandon LLC, Altamonte Springs
SELLER: Liberty Property Limited Partnership
PROPERTY: 614 Wes Kearney Way, Riverview
PRICE: $3.15 million
PREVIOUS PRICE: $7.56 million, August 2006
LAW FIRM ON DEED: Broad and Cassel, Orlando

PLANS, DESCRIPTION: Warwick, R.I.-based Picerne Real Estate Group purchased 17.2 acres of vacant land at Wes Kearney Way and Crescent Park Drive for $3.15 million.

The price equated to $183,140 per acre.

The multifamily company is developing the site as The Oasis at Brandon Luxury Apartment Homes, a 310-unit apartment community. The gated project calls for 14 three-story buildings and a 7,500-square-foot clubhouse. Other amenities will include a swimming pool, movie theater, fitness center, dog park and running trail.

“We first identified the site about 10 months ago, because of its proximity to employment and retail,” says Stephen Novacki, vice president of development for Picerne. “There's a planned new Bass Pro Shop and USAA is expanding there. The average occupancy in that market is running around 97% right now, so there is definitely a need for more units.”

Picerne's affiliate Picerne Construction Corp. has already started construction on the project. Total development is scheduled to take 18 months.

The more than 80-year-old Picerne owns and operates 25,000 rental units in 20 states. This project marks the firm's return to the Tampa Bay market since the real estate crash.

The purchase entity, The Oasis at Brandon LLC, mortgaged the property to Manufacturers and Traders Trust Co. for $26 million.