BUYER: Park at Barrington LLC (Huijun Yang Revocable Living Trust), Clearwater SELLER: Park at Barrington Place LLC
PROPERTY: 4348 Plaza Drive, Holiday
PREVIOUS PRICE: $7.5 million, February 2012
PLANS, DESCRIPTION: Huijun Yang Revocable Living Trust of Clearwater purchased the 244-unit Park at Barrington for $12.3 million.
The price equated to $50,410 per unit. That figure is less than the average price per unit for multifamily space ($70,803) in the Tampa Bay area, according to the CoStar Group.
Built in 1972, the gated apartment features concrete-block construction with stucco exterior walls and concrete floors. In 2006 and 2007 the property was renovated with a new clubhouse and designer-tiled floors, walk-in closets, upgraded counter tops, chair rails, fans, and light fixtures in the units.
Amenities include a fitness center, three swimming pools, a clubhouse, laundry facility and dog park. Its residences include three- and four-story units.
The property was 95% occupied at the time of the sale.
Darron Kattan, Robert Goldfinger, Kevin Kelleher and Zach Ames of Franklin Street represented the seller, an affiliate of apartment owner Benjamin Mallah.
“Being on the market for over a year, an obstacle we had to overcome for the sale of Park at Barrington was its location in a tertiary market,” Kattan says in a press release. “However, the quality of the construction and the overall condition of the property helped us overcome that challenge.”
The purchase price equated to a payoff ratio based on income (capitalization rate) of 8%.
