TAMPA, FL-Older, well-maintained multifamily properties continue to generate top-tier disposition prices. Take for example the $12-million sale of the 35-year-old, 108-unit Ashford Apartments at 3909 West Cleveland St. and 115 S. Lois Ave. here.

Holly Real Estate Investments LLC of Miami paid Tampa-based Wisco Inc. $111,111 per unit for the 100%-leased property. The deal was now—as are many such sales–because of “the condo conversion opportunity” for the buyer, Marshall Smith, executive vice president of Thomas D. Wood & Co., tells GlobeSt.com. Wood, a mortgage-banking firm, is based in Coral Gables, FL and has newly opened offices in Winter Park and Tampa.

Smith arranged the 18-month loan, which equates to 75% of total project costs. The interest rate will float over the 30-day LIBOR. The financing deal took 60 days to complete, from contract signing to closing.

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?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



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 © 2023 ALM Global, LLC. All Rights Reserved.