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TAMPA, FL-Another asset from the Tampa area portfolio of Apartment Investment & Management Co. has a new owner, with Davie, FL-based JB Howell & Co. paying $21 million to the Denver-based seller for the 348-unit, class B Bridgeview Apartments. Three assets remain, with closing on all anticipated to take place within the next 30 days.

Jamie B. May, senior director with locally based JBM of Marcus & Millichap tells GlobeSt.com that extensive renovations had been performed on Bridgeview Apartments, located at 5307 Reflections Club Dr. May, who represented AIMCO with Marcus & Millichap’s Matt Mitchell says renovations included everything from interior upgrades, to appliance replacements, to a pool deck expansion, to new air conditioners and condensers.

“That was the biggest selling factor of this property the replacements,” May remarks. “This is a great expense to an owner, but when you have to do that on a property, you don’t get any rent pop for that. Tenants expect their AC to function.”

He says that JB Howell & Co. is a partnership that was active during the condo conversion phase of the mid-2000s. The company did well during that craze, then kept a low profile and “tread conservatively,” May notes. Financing was arranged by Charles J. Foschini with CBRE Capital Markets.

Bridgeview Apartments, situated on 21 acres, is 97% occupied. The 17 buildings contain one-, two- and three-bedroom units ranging in size from 492 square feet to 1,129 square feet.

AIMCO has been busy shedding assets from the Tampa-St. Petersburg area. Less than a month ago, the company sold its 256-unit Fisherman’s Landing Apartments in Temple Terrace, FL. Remaining are the 276-unit Sienna Bay Apartments and 200-unit Tamarind Bay Apartments in St. Petersburg and the 200-unit Solana Vista Apartments in Bradenton, FL.

May says the entire portfolio, during its marketing period, attracted 41 offers, with bids mainly one-offs. May says he isn’t surprised at the interest in this portfolio or others on the market. Operational numbers and income has been stable during the past half-year meaning “lenders are willing to lend, buyers are willing to buy and more people have jumped into the market,” he comments.

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