Former UNUM Life Exec and Partner Buy 16-Building Apartment Complex for $26,066 per Unit

TAMPA, FL-Twenty years ago, the 16-building, 244-unit Swan Lake Apartments in the Carrollwood area of Tampa was considered out in the sticks. Today, the 99% leased multifamily community, 80 miles west of Downtown Orlando, offers tenants amenities that comparable Downtown assets could hardly equal, the property’s new owners tell GlobeSt.com.

Investment partners James D. Means of Gorham, ME and Robin M. Hester of Tampa did their homework and purchased the 14.1-acre asset at 3401 North Lakeview Drive from Portland, ME-based UNUM Life Insurance Co. of America for $6.36 million or $26,066 per unit, considerably below replacement cost. UNUM has held the property since 1991 when Means was the company’s asset management director.

“Swan Lake was built by one of the leading national apartment developers (Paragon Co.), slightly ahead of its time,” Means tells GlobeSt.com. “Now every conceivable service, retail, educational, employment and medical facility is either at our doorstep or within a 15-minute drive from our excellent Carrollwood location.”