April 2, 2014
- 438-unit market rate apartment complex
- Acquisition and re-positioning of an existing complex in Tampa’s Carrollwood sub-market
- Investment closed in February 2010. Once the renovation was completed in late 2010, a supplemental loan with Fannie Mae closed in March 2011 and returned 30% of the original invested capital. The project sold in August 2012 to a REIT and Legacy received OP Units. Legacy’s investment realized a 61.9% IRR and a 2.75x equity multiple.