(To read more on the multifamily market, click here.)
TAMPA, FL-European Investment Management Corp. of Hialeah outbidabout 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 RichardEllis Inc. broker Jim Bobbitt tells GlobeSt.com. CBRE's John Selbyworked with Bobbitt to complete the deal in 120 days. Decaderepresented itself. A loan assumption requirement by the lenderkept the property on the market for 10 months, Bobbitt says.
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