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Saturday, February 04, 2012 Multi-Family
In a deal that was over two years in the making, Regency Square Developer has sold the Regency Square Apartments in Tampa, Fla., for $5.05 million. Casey Babb, Bill Renje and T. Sean Lance of NAI Tampa Bay handled the negotiations for both the seller and the buyer, Tampa Regency Apartments, LLC. The sales price represented a 35 percent reduction from the original asking price. Renje said the deal is indicative of the broader market forces at work. "Throughout the process, we fielded over a dozen offers and had the property under contract several times for much more than the closing price.Timing, however, was the key to the transaction and ultimately the reason for such an extended assignment," he said. "Had our seller put the property on the market six months earlier we likely wouldn't have had ran into the credit crunch and the market decline over the previous 12-month period." The 120-unit apartment complex is located at 11312 N. 15th St. Built in the 1970s, it is comprised of six two-story block buildings. It sold for $42,083 per unit with an 8.44 capitalization rate. Address: 11312 N. 15th St., Tampa Bay, Fla. Size: 120 units Built: 1970s Filed Under: Multi-Family E-mail this article to a friend | Printer friendly format| DIGG this| Post to del.icio.us Comments on this article
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