NY Investment Firm Sells Former Condo Project Near Tampa for Nearly $16M

TEMPLE TERRACE, FL—Creative Realty Partners of Beverly Hills, CA has acquired the 126-unit Heritage at Temple Terrace Apartments in the Tampa suburb of Temple Terrace for approximately $15.78 million in an off-market transaction.

Creative Realty purchased the former condominium property at 10605 North 56th St. from Axonic Properties of New York City for $15,759,000, according to brokerage firm CBRE. The buyer and the seller were represented by CBRE’s Francesco P. Carriera and Michael P. Regan in the transaction.

The Heritage at Temple Terrace property, built in 1968, was converted into a multifamily by Axonic Properties, which purchased the remaining units, collapsed the condo association and thereafter ran the property as a conventional multifamily development.

“In this market, multifamily assets have a higher value than individual condos and we thought it was intelligent to sell given these circumstances,” says Jonathan Shechtman, managing principal of Axonic Properties.

CBRE states that the sale price equated to the third highest sale price per unit secured for a 1960-1979 vintage asset in Hillsborough County.

“This was a great opportunity for both the seller and buyer. The seller was able to capitalize on the value he had created by collapsing the association. The buyer saw an opportunity to add value by renovating the unit interiors. There continues to be plenty of opportunity for both buyers and sellers in the Tampa Bay area,” says CBRE’s Carriera.

Last December, an affiliate of Axonic Properties made a significant acquisition in Florida, purchasing the Viera of the Palm Beaches, a 300-unit multifamily development in West Palm Beach for nearly $49 million. Axonic purchased the property from a joint venture between investment firms Angelo Gordon and McDowell Properties.

Berkadia arranged the $48.5 million sale and $35.8-million in financing for the purchase of the property.

In addition to its purchase of the Heritage at Temple Terrace property, Creative Realty Partners also recently acquired The Oaks at San Jose, a 200–unit community located in Jacksonville, FL and Escondido Village, a 388-unit community also located in San Antonio, TX.