Tampa apartments sell at $160K per unit

TAMPA -- An Atlanta real estate company acquired a 14-year-old apartment complex at nearly $160,000 per unit.

Atlanta-based Pollack Shores, through its subsidiary PS Lexington Park Owner LLC, bought Lexington Park at Westchase at 12201 Lexington Park Drive for $64.5 million, in a deal that closed June 4. That was a big turnaround for Miami billionaire Sonny Kahn, who bought the apartment complex for $42.5 million, or $105,000 per unit, in 2010.

The complex is just off Linebaugh Avenue and Countryway Boulevard in northwest Hillsborough County, in an area where homes typically begin in the $250,000 range.

Pollack Shores will assume a $35 million mortgage Kahn had with the property with PNC Bank as part of the deal.

This is Pollack Shores' second Tampa Bay acquisition following its purchase of Audubon Village in Tampa's Westshore District in 2011 for $32.5 million, or $73,200 per unit. Pollack then sold that complex to another Atlanta company, Cortland Partners, in October 2013 for $42 million.

Pollack Shores owns or has owned five other apartment complexes in Florida and Georgia, according to its website.

The deal is the second largest purchase in 2015 in Hillsborough County, and the sixth largest in the past 12 months. In January, Cortland Partners bought Camden Bayside apartments on Tampa's South Westshore Boulevard for $85.1 million, or $102,300 per unit.