X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.