TAMPA, FL-Attracted by the ongoing condo conversion craze in Florida, Highland, IN-based Precision Development LLC has acquired the six-year-old, 396-unit Portofino Apartments in suburban New Tampa from New York-based Sentinel Real Estate Corp. The purchase price was $51.6 million or $130,303 per unit.

The 98%-leased property was chased by about a dozen prospective buyers, Byron Moger, senior director in the Tampa office of Cushman & Wakefield of Florida Inc. tells GlobeSt.com. "There were a number of condominium converters that pursued the opportunity to acquire this unique asset," Moger says. "In the end, the successful bidder had a proven track record and a clear understanding of the [Florida] retail market." Cushman & Wakefield director Luis Elorza worked with Moger on the deal. The buyer represented itself.

The 14-building property is located on both sides of the street at 8702 New Tampa Blvd. in northeast Tampa. The property has a clubhouse and a cabana for its residents. The asking base rent is $888 per month for average living area space of 1,117 sf.

Moger tells GlobeSt.com the property was on the market for only a month. "The deal is being done at this time because it is a good market to sell," the broker says. Precision Development previously converted the Columns at Cortez in metro Tampa.