The Tuscany apartments sells to New York City joint venture for $48.7 million

BUYER: AB Merion II Tuscany LLC New York City
SELLER: CMS Tuscany LP
PROPERTY: 6021 Medici Court and 4814 University Parkway, Sarasota
PRICE: $48.7 million
PREVIOUS PRICE: $1.53 million, December 1999 and $1.43 million, July 1996
LAW FIRM ON DEED: Arent Fox LLP, Washington, D.C.

PLANS, DESCRIPTION:
A joint venture of Wynnewood, Pa.-based Merion Realty Partners and an affiliate of AllianceBernstein U.S. Real Estate Partners L.P. of New York City purchased the 386-unit The Tuscany apartments for $48.7 million.

The price equated to $126,166 per unit. That figure is higher than the average price per unit for multifamily space ($70,803) in the Tampa Bay area, according to the CoStar Group.

The gated apartment complex was built in 1999 on 40.6 acres across from University Park Country Club. Units average 1,086 square feet and range from one to three bedrooms. Amenities include a clubhouse with a business center, fitness center, swimming pool, nine-hole chipping and putting green, tennis court, garages and two laundry facilities. The property also has 76 attached and 56 detached garages.

AllianceBernstein provides investment services to institutional investors, individuals and private clients.

Merion Realty Partners was created in 2011 when The Tuscany's former owner CMS Cos. spun off its real estate division.