SOLD: Pearl Real Estate Group brokers sale of three multifamily properties totaling $8,495,000 in Tampa, Fla.
(01/2014) Tampa, Fla. – Annie and David Pearl of the KW Commercial Pearl Real Estate Group are pleased to announce the sale of Laurel Chase Apartments, Willowbrook Apartments, and Inlet Reef Vacation Villas. The Pearl Real Estate Group represented both the buyer and the seller in all three transactions.
Laurel Chase is a 122-unit multifamily property located in Tampa, Fla. The property was a bank-owned asset sold for $2,580,000, or $21,148 per unit. This was an all-cash sale and closed 30 days from contract execution. The property consists of 10 buildings on a 4.89-acre site. The unit mix consists of 58 one-bedroom/one-bath units with an average of 612 square feet and 64 two-bedroom/one-bath units with an average of 880 square feet. This is a two-story garden style property built in 1967/1972 of CBS construction. Property amenities include an on-site laundry facility, pool and leasing office. The property required significant capital improvements and renovations at the time of sale.
Willowbrook is a 74-unit multifamily property located in Miramar, Fla. The property was sold for $4,875,000, or $65,878 per unit. The Pearl Real Estate Group successfully negotiated a discounted payoff with the seller’s lender to facilitate this transaction. Willowbrook is a two-story garden style property consisting of four buildings. The complex was built in 1970 using CBS construction with mansard roofs. The unit mix consists of 57 one-bedroom units and 17 two-bedroom units. Amenities include on-site laundry facilities, leasing office, swimming pool, video surveillance and gated entry. The property was fully occupied at the time of sale.
Inlet Reef is a 14-unit multifamily property located in Palm Beach Shores, Fla. The property was sold for $1,040,000, or $74,286 per unit. Inlet Reef was built in 1955 and sits on a 0.39-acre parcel. The property is directly across the street from the Palm Beach Inlet, where Palm Beach Island and Peanut Island are a stone’s throw away. The property features a central courtyard, swimming pool, common laundry and leasing office. The unit mix consists of 2 studios and 12 one-bedroom/one-bathroom units.