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Tampa Bay-Lakeland
Business Observer Tuesday, Jul. 19, 2011 11 years ago

Tampa apartments sell for $4M

Louisiana investor pays $17,500 per unit for the foreclosed Puritan Place.

TAMPA — A private Louisiana investor recently completed the purchase of Tampa's Puritan Place Apartments for about $4 million.

The sales price for the 232-unit property equates to $17,500 per unit or $20.07 per square foot.

Built in 1970, the apartments are located at 7903 Holly Lea Court. The unit mix includes eight efficiencies, 120 one-bedroom units, 64 two-bedroom units, 16 two-bedroom townhouses and 24 three-bedroom apartments on 11.5 acres.

The apartment complex was a lender-owned asset after it was foreclosed upon. The purchase marks the buyer's fourth Florida acquisition, according to a release.

“The property had significant physical and operational issues, as we often see with foreclosed multi-family properties in lower income areas,” says Darron Kattan, managing director of Franklin Street Real Estate Services, in a release. The company represented both parties in the transaction.

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