Regions Southeast
Altamonte Apartments Sold in Tampa
Aug 5, 2008

Altamonte Apartments in Tampa has sold for $13.7 million to Asset Development & Management Group, reported NAI's John Burpee, chairman of NAI Global’s multi-family group, along with T. Sean Lance, Casey Babb and Bill Renje. The team brokered the sale. The property is located in north Tampa’s Carrollwood submarket and was originally purchased in 2006 for condominium conversion. The 232-unit Class B gated community sits on 13 acres. Like many conversions purchased near the end of Florida’s latest real estate boom, the property never sold any units and the developer decided to fully revert back to rental apartments. NAI Tampa Bay was able to work directly with both the condo developer and the lender to facilitate a successful transaction in what ultimately ended up as a deed-in-lieu of foreclosure situation.

 
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