24-Building Grand Oaks Sells for Nearly $10M

TAMPA, FL-On the market for four months, the 202-unit, 24-building Grand Oaks Apartments has a new owner today in Illinois-based Meridian Land Co., a private investment firm. Meridian paid Rockville, MD-based Stellar Advisors $9.8 million, or $48,515 per unit, for the 142,000-sf, 96%-leased property at 10103 Sherwood Lane in suburban Brandon.

CB Richard Ellis Inc.’s Tampa brokers John Selby and Jim Bobbitt negotiated for Stellar Advisors and coordinated the transaction. Meridian represented itself. The $48,515-per-unit price was “well below current replacement cost,” Bobbitt tells GlobeSt.com. The deal took 60 days to complete, from contract signing to closing.

Bobbitt says the buyer isn’t converting the one-story and two-story apartment buildings to condos. The average asking gross rent for the 22-year-old property is $625 per month. The average size unit is 703 sf. The property is at the intersection of US 301 and Bloomingdale Avenue in the southeast Tampa submarket.