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TAMPA, FL-At 97% occupancy and with investor demand high, Atlanta-based Lane Co. decided it was time to sell the Enclave at Richmond Place, a 280-unit luxury community the developer constructed in 2000. Scully Co. of Jenkintown, PA paid $20.5 million or $73,214 per unit for the property at 18001 Richmond Place Dr.The Florida multihousing group of CB Richard Ellis Inc. negotiated for Lane. Scully represented itself. The property was on the market for about a year, Jim Bobbitt, a senior associate in CBRE’s Tampa office, tells GlobeSt.com.”The major challenge in marketing the asset was overcoming the historical higher vacancy rates and rental concessions in the New Tampa submarket,” he says. These “were a result of a significant amount of new construction over the previous three years,” Bobbitt says.The deal was done at this time “due to the improvement in market fundamentals and the very low interest-rate environment,” the broker says. The sale represented about a 6.5% cap rate. Bobbitt says the price per-unit was above replacement cost. The property consists of a mix of one-, two- and three-bedroom units with rental rates from $730 to $1,290 per month.The sale comes as Lane moves its Florida operations into high gear. The Georgia developer has hired Grant Kornman, a former joint-venture partner, to orchestrate the company’s growth from a Miami regional office.With a completed $1-billion development portfolio of 11,000 condominiums and apartment units, Lane’s acquisitions director, Scott Levitt, is scouting for acquisitions and condo conversion deals throughout Florida, as GlobeSt.com previously reported.

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