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TAMPA, FL-The foreclosure sale of the 78-unit Spring Glade multifamily complex drew $915,000, or roughly $11,700 per unit, according to Atlanta-based Apartment Realty Advisors. ARA represented the seller, Spring Glade Affordable Housing Ltd., along with attracting bidders to a courthouse auction.

“Through our extensive buyer relationships, we were able to bring multiple qualified, all-cash buyers to the foreclosure auction,” says Patrick Dufour, a broker with ARA in Tampa. Dufour worked with Kevin Judd of the firm’s Orlando office on the Spring Glade sale.

Coconut Creek-based Elster/Rocatica LLC paid cash for the property at 2232 N. Spring Glade Circle and funded the acquisition solely with internal equity. The prior owner paid just over $1 million for the complex in 1995, Hillsborough County property records show.

Spring Glade was built in 1981 and was 50% occupied at the time of the transaction. Dufour notes that the property was formerly a rent-restricted affordable housing community and reverted back to market rates after the sale to provide additional upside for the new owner.

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