Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

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?


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.