(Carl Cronan is editor of Real EstateFlorida.)
TAMPA, FL-The 120-unit Regency Square Apartments here has beensold for $5.1 million, or $42,000 per unit, closing a transactionthat took more than two years to complete. The garden complex at11312 N 15th St. traded for 35% less than its asking price,according to NAI Tampa Bay.
"This deal was a true test of resiliency on our part and, moreimportantly, on our seller's part," says Bill Renje, multifamilyassociate with NAI Tampa Bay, which represented previous ownerRegency Square Developer in the transaction. He says the apartmentsreceived at least a dozen offers, some of which were above theoriginal price, adding: "Had our seller put the property on themarket six months earlier, we likely wouldn't have ran into thecredit crunch and market decline over the previous 12 months."
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