Phoenix Realty Group buys University Club Apartments

BUYER: 12702 University Club LLC (manager: Ron Orgel and Keith Rosenthal), New York City
SELLER: PBE Cos. LLC
PROPERTY: 12702 University Club Drive, Tampa
PRICE: $21.8 million
PREVIOUS PRICE: $2.5 million, December 2011
LAW FIRM ON DEED: Stearns Weaver Miller Weissler Alhadeff & Sitterson PA, Miami

PLANS, DESCRIPTION:
New York City-based Phoenix Realty Group LLC purchased the 536-unit University Club Apartments for $21.8 million.

The price equated to $40,672 per unit. That figure is lower than the two-year average price per unit for multifamily space ($72,609) in the Tampa Bay area, according to the CoStar Group.
The apartment complex features 68 two- and three-story residential buildings on a 19.4-acre site three blocks south of Fletcher Avenue. The gated property was constructed in 1975. It has 256 one-bedroom/one-bath units, 200 two-bedroom/two-bath apartments and 80 three-bedroom/two-bath units.