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Blue Rock, Praedium Buy Palm Island Club Apts.

Joint Venture Pays $20.4M for 320-Unit Multifamily Property in Tampa
December 5, 2007
Blue Rock Partners, in a joint venture with The Praedium Group, purchased the 320-unit Palm Island Club Apartments in Tampa, FL, from Palm Island Group LLC for $20.42 million, or about $64,000 per unit.

The complex consists of 35 buildings on 11.5 acres at 13800 Bruce B Downs Blvd. It was built in 1972 and totals more than 283,500 square feet. The unit mix includes 16 studios, 80 one-bed/one-bath units, 128 two-bed/one-bath units, 64 two-bed/two-bath units and 32 three-bed/two-bath units.

Robert Goldfinger and Elizabeth Calleja of Marcus & Millichap in Tampa represented the seller. The buyers were represented in-house.

Please refer to CoStar COMPS #1436500 for more information on this transaction.

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