Tampa condominium units sold to Rhode Island firm for $13.98 million

BUYER: JWC Hamptons LLC (Preston Giuliano Capital Partners), Providence, R.I.
SELLER: MF Hamptons LLC
PROPERTY: 15350 Amberly Drive, Tampa
PRICE: $13.98 million
PREVIOUS PRICE: $53.6 million, December 2006

BUYER: JWC Crosswynde LLC (Preston

Giuliano Capital Partners), Providence, R.I.
SELLER: MF Crosswynde LLC
PROPERTY: 1502 Marsh Cove Court and 1201 and 1203 High Hammock Drive, Tampa
PRICE: $16.2 million
PREVIOUS PRICE: $32.5 million, December 2006
LAW FIRM ON DEED: Katten Muchin Rosenman LLP, Charlotte, N.C.

PLANS, DESCRIPTION: Providence, R.I.-based Preston Giuliano Capital Partners purchased large portions of two condominium developments in Tampa. The Providence, R.I.-based company purchased 217 units of 315-unit The Hamptons at Tampa Palms for $13.98 million and 243 of the 453 units in Crosswynde for $16.2 million.

The combined price equated to $81,957 per unit.

Built in 1996, The Hamptons at Tampa Palms is located near the 340-unit Bristol Place Apartments of Tampa Palms, which Preston Giuliano Capital Partners purchased last year for $32 million. Units there average 1,440 square feet and were selling for $247,000 each or $165 per square foot in 2007.

Located in Brandon's active Crosstown Center area, Crosswynde is 12 years old. Units average 1,077 square feet and sold for more than $134,000 per unit in 2007.

All of the units were stabilized and the condo had an average occupancy in the mid-90% range.

“We plan to continue to improve the properties,” says H. LeBaron Preston, managing director of Preston Giuliano Capital Partners. “Sometimes the interiors are a little bit dated.”

He says the private investment firm is particularly attracted to Florida multifamily. Preston Giuliano Capital Partners will continue to operate the condominium units as rentals for the near term.

T. Sean Lance and John Burpee of NAI Tampa Bay handled the transaction, which also included another 145 units in Polo Glen in Plantation.

Preston Giuliano Capital Partners owns property in nine communities in Florida: two in Tampa, two in Sarasota, one in Naples and two in Jupiter.