(To read more on the multifamily market, click here.)

LUTZ, FL-Locally based Kampsen and Associates outbid 18 rival regional condo converters in acquiring the nine-year-old, 240-unit Lakeview at Calusa Trace apartment community in this town.

Kampsen paid Chicago-based Pace Management $26 million, or $108,333 per unit, for the 90%-leased property at 18101 Calusa Trace Blvd., about 20 miles north of Downtown Tampa. The apartments were on the market for four months.

Area brokers familiar with the property tell GlobeSt.com Lakeview at Calusa attracted such wide-spread buyer attention because of its quality physical condition and its immediate proximity to major roadways, such as the Dale Mabry Highway, Veterans Expressway and Suncoast Parkway.

The $108,333-per-unit price is about $28,000 over the estimated replacement cost of the property, local brokers in a position to know tell GlobeSt.com. “The bidding war and the excellent condition of the asset combined to drive up the price,” a broker who represented one of the unsuccessful bidders tells GlobeSt.com.

Kampsen negotiated for itself in the transaction. Apartment Realty Advisors of Boca Raton represented the seller.

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