The apartments, located at 609 Golden Raintree Place along KingsAvenue just north of Brandon Boulevard, were 94% occupied atclosing. Advenir had recently invested $1 million in renovating theproperty. The buyer assumed an existing Fannie Mae mortgage as partof the transaction.
The deal took 65 days to complete "due to the assumption of theexisting mortgage," Jim Bobbitt, a broker in the Tampa office of CBRichard Ellis Inc., tells GlobeSt.com CBRE broker John Selby workedwith Bobbitt on the deal. The buyer group represented itself.
Bobbitt says there were no special environmental or governmentalchallenges the buyer or seller had to overcome before closing thetransaction. Hamilton Pointe Apartments' average asking monthlybase rent is $725. The average size living area is 1,009 sf perunit.
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