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LUTZ, FL-Sterling American Property Inc. of New York closed on the second structure at the Palms at Livingston, a 16-year-old, two-building, 488-unit garden apartment community 10 miles north of Downtown Tampa in Hillsborough County and near the University of South Florida campus.

Sterling and its joint venture partner, BH Management Services Inc. of Dallas, paid MLG Capital of Brookfield, WI, operating as WILC/Livingston Limited Partnership, $11.2 million, or $47,447 per unit, for the 235-unit, second structure at 15420 Livingston Ave. Sterling closed on the first building at the Palms last week, as GlobeSt.com previously reported. The fund paid Praedium Group LLC and Affirmative Equities Co., both of New York, $10.1 million, or $47,418 per unit, for the 213-unit component of the 94%-leased property.

The average unit size in the two-building community is 749 sf with average asking base rents of $621 per month. Brokers Gerald A. Smith and Darrell H. Johnson of Orlando-based Smith Equities Corp. handled both transactions. “This sale marks the first time since the early 1990s that both phases are under one ownership,” says Smith, a vice president in the family-owned brokerage firm, tells GlobeSt.com.

His brother, Robert E. Smith, president of Smith Equities, tells GlobeSt.com “the transaction was difficult due to a number of moving pieces.” However, he says “the good news is you now have one property that is all being managed by one management company.” Smith adds, “Imagine having a prospective tenant walk into a leasing office with two owners competing to lease to them.”

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