Tampa Apartment Complex Sells for $47.5M in Condominium Conversion Move

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Tampa Apartment Complex Sells for $47.5M in Condominium Conversion Move March 09, 2006 By Katie Hinderer, Staff Writer ABBA Real Estate Development Group has obtained The Arbors at Fletcher Island, a 352-unit apartment community in Tampa, Fla., for $47.5 million. The firm aims to convert the units into condominiums. ABBA made a pre-emptive offer before Apartment Realty Advisors had the chance to fully market the 31 acre property, according to Sean Williams, senior vice president for Apartment Realty Advisors. He told CPN this afternoon that the Arbors was attractive because of the "quality of construction, unique floor plans and the location right across from the Hidden River Office Park--and close to the University of South Florida." Proximity to the university is key because of the large number of employees there, he noted. The apartments range in size from 620 square feet for a one-bedroom to 15,000 square feet for a town home. The Arbors sale follows a trend of apartment communities selling in the Tampa area. In 2005, 88 communities were sold. The rising cost to own a house, has given developers the opportunity to convert apartments to condos. Williams added that it also allows first-time home buyers an opportunity in an otherwise unfriendly market.