11/15/2008

Tampa condo complex sells at bankruptcy auction for $22 million

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A joint venture of two Canadian real estate development companies has purchased a 245-unit condominium complex in downtown Tampa for $21.9 million at a bankruptcy auction.

Cushman & Wakefield and Fisher Auction Co. represented the receiver in the sale.

The buyer, Channelside LLC, is a joint venture of Southwest Properties and Armco Capital Corp., both based in Halifax, Nova Scotia.

The eight-story complex includes 171 residential units made up of studio, one, two and three-bedroom units ranging from 600 square feet to 3,600 square feet. The acquisition also includes 12,000 square feet of raw retail-space located on the ground floor of the property. Before the bankruptcy proceeding, 74 units had already been sold and are owned independently of the joint venture.

Address: 101 12th St., Tampa, Fla.

Size: 171 units

Built: 2007

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Filed Under: Multi-Family

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