PROMENADE AT TAMPA PALMS
16200 ENCLAVE VILLAGE DR. TAMPA, FL
BULK SALE DATE- MAY 2010
BULK SALE PRICE -$6,000,000
BULK SALE PRICE/UNIT- $41,667
BULK SALE PRICE/SF – $34.51
YEAR BUILT – 2001
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COMMUNITY DESCRIPTION
Promenade at Tampa Palms is a luxury Class A fractured community located in the New Tampa submarket of Tampa, FL. The property is surrounded by nature preserves, ponds and lush landscaping. The community offers large garden style flats along with a full range of amenities.
COMMENTS / ANALYSIS
We represented the buyer of this property which was an REO purchased from Guaranty/Compass Bank for all cash in less than 30 days from contract execution to close. While the offer was submitted several months prior to accep-tance, the lender unsuccessfully tried selling the note itself, followed by trying to sell the units in bulk, before realizing the offer submitted was peak market pricing. This was an excellent acquisition for the buyer as the units are extremely large and average nearly 1,100 square feet. The bulk sale of this property resolved a distressed situation with the REO asset and traded at a 64% discount to the original conversion purchase. Bulk units purchased were 95% occupied with market rents. Vertica was subsequently hired by the buyer to exclusively represent them on the acquisition of ad-ditional individual units within the community and has closed or currently has under contract, dozens of units which are a mix of short sales, foreclosures and REO’s.
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