(To read more on the multifamily market, click here.)
TAMPA, FL-Miami Beach-based Abba Real Estate Development Grouphas acquired the 352-unit, 90%-leased Arbors at Fletcher Island inthe affluent Temple Terrace submarket for $47.52 million. The dealwith Ohio-based Arbors at Fletcher Island II LLC equals $135,000per unit and $132.74 per sf.
The transaction follows a trend of South Floridainvestor-developers gobbling up Central Florida apartmentcommunities for condo conversions, area multifamily brokers tellGlobeSt.com. The class A Fletcher Avenue property is adjacent tothe Hidden River and Tampa Telecom office parks. Average askingmonthly base rents are $695 for a one-bedroom, one-bath unit to$1,300 for a three-bedroom, two-bath apartment.
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