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TAMPA, FL-European Investment Management Corp. of Hialeah outbid about a dozen potential buyers for the 19-year-old, 204-unit, 95-%-leased Carrollwood Palms Apartments, paying $12.35 million, or $60,539 per unit, to Milwaukee-based Decade Properties Inc.

The per-unit price was “far below” replacement cost, CB Richard Ellis Inc. broker Jim Bobbitt tells GlobeSt.com. CBRE’s John Selby worked with Bobbitt to complete the deal in 120 days. Decade represented itself. A loan assumption requirement by the lender kept the property on the market for 10 months, Bobbitt says.

Decade doesn’t plan to convert the property to condos as numerous developers and buyers have done in this market over the last 18 months, the broker tells GlobeSt.com. “They’ll continue to operate it as a rental community,” Bobbitt says. The average asking gross rent range is $665 to $865 per month. The property is on the south side of Gunn Highway, just west of Linebaugh Avenue in the Carrollwood submarket.

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