Southeast Residential Recovery Fund VIII LLC acquired the 180-unit Cedar Grove Apartments at 8471 Grove Ter in Tampa, FL from Franklin Street for $10.7 million, or about $59,000 per unit.
The 178,582-square-foot apartment community consists entirely of two-bedroom units in 14 buildings. It was built in 1974 in the Temple Terrace multifamily submarket, and was 94 percent occupied at the time of the sale.
Darron Kattan, Robert Goldfinger, Kevin Kelleher and Zach Ames of Franklin Street Real Estate Services represented the seller. Matt Kesterson and James Reed, also with Franklin Street, represented the buyer.
Please see CoStar COMPS #3486185 for more information on this transaction.