(To read more on the multifamily market, click here.)
TAMPA, FL-California-based investor JEM Realty Advisors hasacquired the 369-unit Remington Apartments at 10610 30th St. Northfor $21.2 million, or $57,452 per unit.
Holliday Fenoglio Fowler, LP directors Jason Nettles and IkeOjala represented the sellers in the transaction, Des Moines-basedBMA Capital LLC. The property was purchased free of existing debt.Nettles tells GlobeSt.com that two factors were behind the sale:the strength of the Tampa multifamily market and the prominentlocation of the property. "With focus on strong rent growth in theTampa apartment market, HFF was able to execute this transaction inspite of the rising insurance costs in Florida," Nettles says.
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