May 9, 2017
ARA, A Newmark Company (ARA Newmark) completed the $82.4-million sale of Lansbrook Village, a 774-unit multi-housing community in Tampa, FL’s Palm Harbor.
ARA Newmark’s Patrick Dufour, Scott Ramey and Ryan Crowley represented the sellers, Atlanta-based Carroll Organization and New York-based Bluerock Real Estate, which involved a loan assumption. Carroll elected to remain in the deal, replacing Bluerock as the equity piece.
Dufour said, “Current ownership initially acquired 571 units in 2014, and has since purchased an additional 51 units over the last two years, leaving 152 individually-owned units. Carroll Organization will have an excellent opportunity to continue buying back these units, while generating cash flow from operations and implementing an interior upgrade program to increase rents.”
Lansbrook Village was developed in three phases between 1998 and 2004. Its high-quality concrete block construction helps distinguish the garden-style asset within the Tampa Bay market.
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