San Marin Apartments in Tampa, FL Sell for $9M

San Marin Apartments in Tampa, FL Sell for $9M

By Justin Sumner

Ceebraid-Signal Corporation acquired the San Marin multifamily property at 3501 W. Waters Ave. in Tampa, FL from Conix, Inc. for $9 million, or about $47,000 per unit.

The 193-unit, 24-building, 192,505-square-foot, garden-style apartment complex was built in 1972 on 8.2 acres in the Greater Egypt Lake – Leto North submarket of Hillsborough County. It features a mix of studios, one-, two-, and three-bedroom units and townhome-style apartments with asking rents between $499 and $929 per month. At the time of sale, the asset was 75 percent occupied.

The acquisition was funded with a new $15.35 million loan provided by private institutional lender LMREC III Holdings IV, Inc.

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