The locally based Paradigm Group and Gem Investors of Chicago jointly acquired the 97%-leased, eight-acre property at 2701 SW 13th St. from the Vinings Group of Atlanta for $11.4 million or about $43,808 per unit. The seller had owned the property for three years. The Vinings Group owns several other Florida properties.
"This was a unique deal because after the flyers went out, we received a full price offer on the deal and the owner went [immediately] to contract," Hal Warren, associate director of Apartment Brokers Services in Florida, tells GlobeSt.com.
"The deal was done in a very short marketing time, a month or less," Warren says. The property's location near the UF campus "created strong investor demand." The broker says the $43,308-per-unit price is about average for a 20-year-old property comparable to the Boardwalk. The average asking rent range is $525 to $720 per month for units sized from 560 sf to 1,120 sf.
From contract signing to closing, the transaction took 60 additional days. Warren and Col Whitaker, director of Apartment Brokers Services, negotiated for the seller. The buyers represented themselves. Apartment Brokers Services is a division of Cushman & Wakefield of Florida Inc.
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