Westshore land purchased for apartment project

BUYER: NR Spruce Property Owner LLC, Charlotte, N.C.
SELLER: Tama Spruce LLC
PROPERTY: 4310 W. Spruce St., Tampa
PRICE: $5 million
PREVIOUS PRICE: $2.07 million, December 2013
LAW FIRM ON DEED: The Maynard Law Firm LLC, Atlanta

PLANS, DESCRIPTION:
A joint venture of Tampa-based Framework Group LLC and Charlotte, N.C.-based Northwood Ravin LLC purchased a 3.4-acre vacant parcel in the Westshore Business District for $5 million.

The price equated to $1.47 million per acre or $19,084 per developable unit.

The property is approved for the development of a 262-unit apartment community. As currently conceived, the project will be five stories wrapping around a structured parking deck.

The seller, an Atlanta-based development and investment company operating as Tama Spruce LLC, acquired the property through a note purchase and subsequent foreclosure. It then rezoned the property and obtained site plan approval for the apartment project.

T. Sean Lance, managing director of NAI Tampa Bay, handled the transaction.

“This is a premier site in one of the strongest submarkets in the region,” Lance says in a press release. “The buyer was a great fit for this opportunity since they already have the resources set up around the corner and will be able to gain incredible efficiency by starting on this community immediately upon completion of their current one under construction.”