(Carl Cronan is editor of RealEstateFlorida.)

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TAMPA, FL-Mid-America Apartment Communities Inc. has purchased a92% majority of the 234-unit Village Oaks apartment complex herefor nearly $21.3 million. Cushman & Wakefield's FloridaApartment Brokerage Services negotiated the sale on behalf of RadcoManagement LLC, receiver for EB Developers Inc., the property'sprevious owner.

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The total sale price comes to approximately $98,800 for each ofthe 215 units, or $70 per sf for the portion of Village Oakspurchased by Mid-America. The 19 remaining units are ownedindividually as condominiums.

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Memphis, TN-based Mid-America was creative in its efforts to buythe remaining units at Village Oaks, says Byron Moger, executivedirector of C&W's apartment brokerage in Tampa. "As a result,they got an excellent price for 215 high-quality apartments withupside potential," Moger says.

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In August, Mid-America announced it was making no additionalacquisitions from its Mid-America Multifamily Fund I, in which itholds a one-third interest. The company plans to buy moreproperties for its own account, and anticipates starting a newacquisition fund later.

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Village Oaks, at 8425 Montravail Circle near Interstate 75, wasdeveloped in 2004 as a joint venture between Atlanta-based OpusSouth Corp. and Tampa-based Florida Southeast Development Inc. Thecomplex was originally built as condo-style apartments with one tothree bedrooms each in nine three-story buildings, includingelevators. Other amenities include a resort-style pool,remote-control lighting and television security monitors.

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EB Developers, based in Boca Raton, bought Village Oaks for areported $36 million in early February and converted the rentalunits to condos. The company has faced several setbacks duringFlorida's residential market downturn, including the untimely deathof owner and CEO Elie Berdugo in mid-February. It is involved withvarious upscale condo projects and mixed-use developmentsthroughout south and central Florida.

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