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Tuscany Villas Sells for $28.2M in Brandon

CAPREIT Sells 248-Unit Multifamily Property
February 21, 2018
Multifamily real estate investment firm Phoenix Realty Group LLC purchased the 248-unit Tuscany Villas apartments at 1919 Sterling Palms Ct. in Brandon, FL for $28.2 million, or about $114,000 per unit.

The 231,063-square-foot multifamily property delivered in 1997, in close proximity to the Lake Brandon Village Shopping Center and the Port of Tampa. The garden-style community features a number of amenities including a business center, clubhouse, fitness center, swimming pool, spa, tennis and volleyball courts and a property manager on site.

“After selling a large multifamily property in Tampa this summer, we are excited to maintain a presence in the local market” said J. Michael Fried, CEO of PRG. “We believe there is a significant opportunity to improve the property value and attract new tenants looking for state-of-the-art amenities and contemporary apartment units.”

Marc deBaptiste, Richard Donnellan, Kevin Judd, Patrick Dufour, Scott Ramey and Ryan Crowley with ARA Newmark represented the seller. The buyer handled the sale in-house.

Please see CoStar COMPS #4123926 for more information on this transaction.
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