TAMPA, FL-The 32-year-old, 202-unit, 208,196-sf Town & Country Apartments at 5500 Webb Road begins a new life under new ownership. Tampa-based Town and Country Apts. LLC acquired the 85%-leased property from Minnesota-based Town and Country Holdings LP for $9.5 million or $47,030 per unit and $45.67 per sf.

The deal was done at this time because the seller "needed to either put significant dollars into the asset or sell, so they decided to sell," broker Bob Goldfinger tells GlobeSt.com. Goldfinger says the $47,030-per-unit price was "a market sale, considering the condition of the property, with hard money at contract signing."

The broker says Town and Country is "the second acquisition in the Tampa market for this aggressive South Florida buyer." Goldfinger says the property "has significant deferred maintenance" but the buyer "has plans for a comprehensive capital improvement program."

The broker says there were no environmental or governmental challenges the buyer or seller had to overcome before closing the deal. The property was on the market for two months. The deal took three months to complete, from contract signing to closing. Average asking base rents at Town and Country are $525 per month for about 880 sf of living area in a one-bedroom, one-bath unit; $660 for 1,103 sf in a two-bedroom, two-bath unit; and $760 for 1,200 sf in a three-bedroom, two-bath unit.