Area multifamily brokers familiar with the submarket near the University of South Florida here tell GlobeSt.com the purchase price was below replacement cost of a comparable asset. Sunshine Century received about $39,393 per unit and $77 per sf for the 24-year-old, 178,500-sf property on 21.5 acres at 14200 Bruce B. Downs.
The property's unit mix includes 348 one-bedroom apartments and one two-bedroom apartment, ranging in size from 510 sf to 1,020 sf. Monthly rental rates range from $575 to $995.
Marcus & Millichap Real Estate Investment Brokerage Co. brokers Bob Goldfinger, Jay Crotty and Timothy Johnson in the firm's local office had the exclusive listing for the seller. They also found the buyer. The sales price represented a 7.66% capitalization rate.
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