Richman Group of Florida plans Tampa apartment project

BUYER: Downtown Tampa Apartments LLC, West Palm Beach
SELLER: JMC-Booker LLC
PROPERTY: a portion of South Morgan Street south of East Whiting Street, Tampa
PRICE: $10.38 million
PREVIOUS PRICE: $1.62 million, December 1987
LAW FIRM ON DEED: Broad and Cassel, Boca Raton

SELLER: John Sultenfuss, as trustee of the John H. Sultenfuss Revocable Living Trust and Mary Sultenfuss, as trustee of the Mary Agens Sultenfuss Revocable Living Trust
PROPERTY: 101 and 119 S. Jefferson St., Tampa
PRICE: $878,700
LAW FIRM ON DEED: Trinkle Redman Coton Davis & Smith PA, Plant City

PLANS, DESCRIPTION:
The Richman Group of Florida Inc. purchased 3.91 acres of commercial parking space just north of the Lee Roy Selmon Expressway for $11.26 million.

The price equated to $2.88 per acre.

The West Palm Beach company plans to build a 351-unit luxury rental apartment community called The Aurora, according to Leah Stewart, a development associate for The Richman Group of Florida. The development will feature a pool, spa and courtyard, business center, fitness center and clubhouse. The gated project will also include a parking garage.

Construction is scheduled to start before the end of the year.

Dallas-based Humphreys & Partners Architects LP designed the project.

The buyer's Greenwich, Conn.-based parent company, The Richman Group of Cos., and its affiliates have developed more than 19,000 residential units. They also currently have another 1,196 units under development.

The purchase entity, Downtown Tampa Apartments LLC, mortgaged the property to SunTrust Bank for $5.63 million.