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Market Report

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Central Florida
Stirling Sothebyís International Realty has been named exclusive sales and marketing agents for a three-bedroom, three-and-one-half bath luxury condominium overlooking Lake Ivanhoe at Renaissance at Lake Ivanhoe Condominium.

Roger Soderstrom, founder and owner of Stirling Sothebyís International Realty, said International Luxury Homes Specialist Marisol Santiago with Stirling Sothebyís Dr. Phillips Marketing Center serves as listing agent for the property.

With 3,129 square feet of living space -- substantially larger than the average new home -- the Renaissance condominium is priced at $799,000, Soderstrom said.

"Thatís significantly lower than comparable homes in the downtown Orlando area," Soderstrom said.

The residence was recently renovated and features a spacious custom kitchen with cherry finished cabinetry, granite countertops, built-in SubZero® appliances, and a center island. The kitchen opens onto a spacious family room with private lakeside verandah that measures 13' by 31' for a panoramic viewing.

Access to the professionally-decorated residence is provided through a private elevator.

The Renaissance at Lake Ivanhoe Condominium offers personalized concierge services, a billiards room, an audio visual room, a fitness center, a grand ballroom and a spacious pool area. To view a video of the property, go to www.stirlingsir.com/eng/1110ivanhoemarisol

Bay Area
Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Capri Manor Apartments, a 16-unit apartment complex located in Tampa, according to Richard D. Matricaria, regional manager of the firmís Tampa office. The asset sold for $725,000.

Francesco P. Carriera and Michael P. Regan, both vice presidents investments, and Joshua Teplitzky, investment specialist, all in Marcus & Millichapís Tampa office, represented both parties in the transaction.

Built in 1972 through 2005, and located at 9604 Davis Road in Tampa, Capri Manor Apartments consists of eight, one-story buildings. The buildings feature 16 two-bedroom/one-bathroom units ranging between 800 and 950 rentable square feet. The property sits on a spacious 2.09 acre site, and four of the units have central heat and air conditioning. Amenities include washer and dryer connections in all units. Capri Manor Apartments is located within five miles of the University of South Florida, Busch Gardens and Adventure Island.

"This property is a duplex community and was a lucrative acquisition for the buyer due to the 2005 vintage of several of the buildings," says Teplitzky. "The previous owner managed the property since the early 1970ís and leased several units at the top end of the rental range in the surrounding area."

"The current spread between interest rates and cap rates also helped drive the sales price in this transaction" concludes Teplitzky.

Tri-City Area
Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Belmont Park, a 234-unit apartment property located in Bradenton, according to Richard D. Matricaria, regional manager of the firmís Tampa office. The asset sold for $9,360,000.

Nicholas Meoli, senior associate, and Michael Donaldson, associate vice president investments, both in Marcus & Millichapís Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor from Sarasota. The listing agents also secured the buyer of the property a New York-based private investor.

Belmont Park was built in 1971 and is located at 4300 18th Street West in Bradenton. "The Belmont Park transaction shows the continued demand for value-add opportunities in secondary markets as competition has increased considerably in primary locations," says Meoli.

"The buyer was a savvy out-of-state investor in a 1031 exchange and closed within 35 days from the executed contract," adds Donaldson.
 
Cardillo Law Firm
Naylor, LLC
Naylor, LLC
FAA is a federation of 11 local affiliates, representing over 490,000 apartment homes in Florida. Both community and associate members in good standing of a local affiliate are automatically memebers of FAA and NAA.