Acquisition of 264-Unit Apartment Complex in Tampa, FL
November 10, 2010
Legacy Capital Partners invested $3 million in the acquisition and renovation of a 264-unit garden-style apartment complex in the Carrollwood sub-market of Tampa, Florida. The total project costs (including funds needed to complete the renovation and lease-up) were $15.58 million. The asset was purchased with the assumption of two existing interest-only loans totaling $9.08 million, with interest only for the term of the loan through August 1, 2015. The total equity requirement was $6.5 million.