TAMPA, FL-After several years of ownership, New York-based Kenilworth Equities has sold its 21-year-old, 396-unit Boone's Dock Apartments here to Patricia Associates LLC of Boston for $18.85 million or $47,601 per unit. The buyer assumed a $9.6-million first mortgage to close the deal.

The per-unit price was below replacement cost, CB Richard Ellis Inc. broker Jim Bobbitt tells GlobeSt.com. At an estimated hard construction cost of $100 per sf, the 283,000-sf property would cost about $28.3 million to replace today, area construction sources tell GlobeSt.com. Bobbitt and partner John Selby negotiated for Kenilworth. Patricia Associates, a private investment group, represented itself.

The 95%-leased property was on the market for six months. The deal took another 90 days to complete, from contract signing to closing. The buyer doesn't plan to convert the property to condos, a route numerous apartment deals have taken here recently, Bobbitt tells GlobeSt.com.

The deal was done at this time in the Northdale submarket because of "good [market] interest rates and upside with the property," Bobbitt says. The average base rent range is $500 to $775 with an average of more than $600 per month.