Pembroke Pines investors buy Puritan Place apartments

BUYER: Samjaz Daytona Sun Pointe II LLC (managers: Sam Jazayri and John Tavone), Pembroke Pines
SELLER: Puritan Tampa LLC
PROPERTY: 7903 Holly Lea Court, Tampa
PRICE: $7.56 million
PREVIOUS PRICE: $4.06 million, July 2011
LAW FIRM ON DEED: Community Title & Escrow, Englewood

PLANS, DESCRIPTION:
Sam Jazayri and John Tavone of Pembroke Pines purchased the 232-unit Puritan Place apartments for $7.56 million.

The price equated to $32,569 per unit. That figure is lower than the average price per unit for multifamily space ($70,803) in the Tampa Bay area, according to the CoStar Group.

Located a few blocks south of the Hillsborough River, the 11.45-acre development features 32 two-story buildings. It contains eight studio apartments, 120 one-bedroom units, 64 two-bedroom units, 16 two-bedroom/two-bath townhomes and 24 three-bedroom units. Amenities include two swimming pools, four laundry facilities and a stand-alone rental office.

Evan Kristol in Marcus & Millichap's Fort Lauderdale office, and Michael Donaldson and Nicholas Meoli in the firm's Tampa office handled the transaction.

“This deal is a testament to investors' appetites for stabilized buildings in areas with solid demand drivers,” Donaldson says in a press release.