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Cushman & Wakefield Brokers Tampa, FL Apartment Sale
(TAMPA, FL) -- As the curtain rings down on 2008, apartment sales continue to shine in an otherwise lackluster real estate investment year.
The property sold for $44,667 per unit, considered by industry watchers as a fair price for a 36-year-old asset.
Blackhawk Realty Advisors of Chicago bought the apartment community from Denver-based AIMCO (Apartment Investment & Management Co.)
"Palm Lake's location gives residents excellent access to USF, the University Mall and several major medical centers," points out Byron Moger, executive director in Cushman & Wakefield's Tampa office. Moger and C&W director Luis Elorza negotiated for AIMCO.
The 153,700-square-foot Palm Lake offers a mix of one, two and four-bedroom units, a swimming pool with sundeck, a two-story clubhouse and a business center.
The transaction marked the third apartment sale Real Estate Channel has reported in the past week and displayed on the Main News Page.
The other deals included the $22.7 million sale of 15-year-old Post Lenox Park in Atlanta, sold for $110,194 per unit; and the $10.6 million sale of the 34-year-old River's Edge Apartments in Waterbury, CT, sold for $68,000 per unit.
Byron Moger
Cushman & Wakefield's Florida Apartment Brokerage Services in Tampa today closed the $6.7 million sale of the 150-unit Palm Lake apartments on Fletcher Avenue, across the street from the main University of South Florida campus.The property sold for $44,667 per unit, considered by industry watchers as a fair price for a 36-year-old asset.
Blackhawk Realty Advisors of Chicago bought the apartment community from Denver-based AIMCO (Apartment Investment & Management Co.)
"Palm Lake's location gives residents excellent access to USF, the University Mall and several major medical centers," points out Byron Moger, executive director in Cushman & Wakefield's Tampa office. Moger and C&W director Luis Elorza negotiated for AIMCO.
Luis Elorza
"The property has outstanding value-add potential," says Elorza.The 153,700-square-foot Palm Lake offers a mix of one, two and four-bedroom units, a swimming pool with sundeck, a two-story clubhouse and a business center.
The transaction marked the third apartment sale Real Estate Channel has reported in the past week and displayed on the Main News Page.
The other deals included the $22.7 million sale of 15-year-old Post Lenox Park in Atlanta, sold for $110,194 per unit; and the $10.6 million sale of the 34-year-old River's Edge Apartments in Waterbury, CT, sold for $68,000 per unit.
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