Developer ContraVest building Temple Terrace apartment

BUYER: Tampa Oaks Apartments LLC (CV Tampa Oaks Development LLC), Altamonte Springs
SELLER: North Bay Holding Co.
PROPERTY: 13050 Tampa Oaks Blvd., Temple Terrace
PRICE: $4.87 million
PREVIOUS PRICE: $478,500, December 2013
LAW FIRM ON DEED: Shutts & Bowen LLP, Orlando

PLANS, DESCRIPTION:
Altamonte Springs-based ContraVest purchased 9.09 acres west of Interstate 75 north of Fowler Avenue for $4.87 million.

The price equated to $535,204 per acre.

ContraVest has already started site development to build a 262-unit multifamily project, called The Addison at Tampa Oaks. The development will feature three multistory buildings.
Community amenities will include a fitness facility, business center and a swimming pool.

“We liked how close it was to I-75 with easy access to employment,” says John Schaffer, principal and chief financial officer for ContraVest.

It plans to have the apartment built in 18 months.

ContraVest is best known locally for developing the 330-unit The Courtney at Bay Pines in St. Petersburg in 2012. It also previously developed the 167-unit The Addison Apartments and 288-unit Courtney Trace in Brandon, 318-unit Colonial Grand at Seven Oaks in Wesley Chapel and 354-unit Courtney Palms in Tampa.

The purchase entity, Tampa Oaks Apartments LLC, mortgaged the property to Fifth Third Bank for $26.25 million.