Grand Rivage Apartments Sell for $37M

TAMPA, FL-After owning the 32-building, 390-unit Grand Rivage Apartments in suburban Brandon for five years, Gannon International of St. Louis and MMA of Naples decided the market was right to sell the asset, Jamie May, chairman and CEO of JBM Realty Advisors tells GlobeSt.com.

Naples Realty Group paid the owners $37 million, or $94,872 per unit, for the 96%-leased, class A asset three blocks from the Westfield Shoppingtown Mall and adjacent to Interstates 75 and 4, US 301 and US 41. JBM directors Eric Ammon Sr. and Carlos Berner Sr. worked with May in representing buyer and seller. May says the property was transferred to the new owner “free and clear of any debt.”

The garden-style, wood-frame and stucco property on the 25-acre site won’t be converted to condominium units as many apartment buyers recently have done, May tells GlobeSt.com. The property was on the market for one month and the deal to three months to complete, from contract signing to closing. May says there no special environmental or governmental challenges buyer and seller had to overcome before closing the deal.

The Grand Rivage has 12 freestanding garage buildings for its tenants who pay an average monthly gross rent of $904. Garage and surface parking accommodates 883 vehicles and allows for an overall parking ratio of 2.26 spaces per unit. The 432,044-sf net rentable property provides an average unit size of 1,108 sf of living area. The community provides a fitness and tanning center for its tenants, along with lighted tennis and volleyball courts and swimming pool and tanning decks.