CB Richard Ellis Inc.'s Tampa brokers John Selby and Jim Bobbitt negotiated for Stellar Advisors and coordinated the transaction. Meridian represented itself. The $48,515-per-unit price was "well below current replacement cost," Bobbitt tells GlobeSt.com. The deal took 60 days to complete, from contract signing to closing.
Bobbitt says the buyer isn't converting the one-story and two-story apartment buildings to condos. The average asking gross rent for the 22-year-old property is $625 per month. The average size unit is 703 sf. The property is at the intersection of US 301 and Bloomingdale Avenue in the southeast Tampa submarket.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.