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TAMPA, FL-Puritan Place, a 30-year-old, 232-unit community in the Northeast-Temple Terrace submarket, is under new ownership today. Magna II LLC of Ontario, CA paid Cincinnati-based Matrix Country Crossing LLC $10.25 million, or $44,181 per unit, for the 98%-leased property at 7903 Holly Lea Court.

Matrix bought the asset in February 2004 from Centurion Partners of Fort Lauderdale for $7.6 million or $32,759 per unit, Darron Kattan, a senior associate and multifamily specialist with locally based Meyer-Kattan Group of Marcus & Millichap, tells GlobeSt.com.

“We sold it to them as a distressed asset; they rehabbed it and re-sold” the property, Kattan says. The acquisition by Magna was bank-funded with a Fannie Mae floating rate of interest.

Puritan Place was on the market for only 45 days before Magna beat out about a dozen bidders for the property, Kattan tells GlobeSt.com. The deal took 90 days to complete, from contract signing to closing. The average asking gross rent is $595 per month. Magna doesn’t plan to convert the apartments to condos, Kattan says.

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