TAMPA, FL—Tamarind Bay just snapped up TamarindBay Apartments, a 200-unit, 16-acre garden stylemultifamily community in the Gateway submarketnorth of St. Petersburg. Tamarind Bay paid $12.75 million, or$63,500 per unit.
Jim Bobbitt and John Selby ofthe CBRE Tampa office negotiated the sale for theseller AIMCO, a Denver-based REIT. The property iscurrently 97% occupied.
“We acquired this multifamily asset becauseit’s well-located in what we believe to be one of the strongestsubmarkets in St. Petersburg,” Carter Faber, ownerof Tamarind Bay, tells GlobeSt.com. “We particularly like the factthat the previous owner, AIMCO, substantially upgraded the propertyover a period of four years at a cost of nearly $3 million.”
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