CROSSWYNDE

1502 MARSH COVE COURT TAMPA, FL

BULK SALE DATE- DECEMBER 2013

BULK SALE PRICE -$16,200,000

BULK SALE PRICE/UNIT- $66,667

BULK SALE PRICE/SF – $61.89

YEAR BUILT – 2001

COMMUNITY DESCRIPTION

Crosswynde is a Class A luxury gated condominium community located in the east Tampa submarket of the Tampa Bay MSA. Well positioned between the Tampa CBD and Brandon submarkets, the property is in close proximity to shopping, employment centers, dining and offers easy access to major transportation corridors. The property is surrounded by nature preserves, ponds and lush landscaping. The community offers large units averaging nearly 1,100 square feet.

COMMENTS / ANALYSIS

We reached out to the existing owner at the time about listing and marketing the property for sale. The owner was initially resistant, but after persistent follow up we were able to secure the exclusive right to sell the portfolio. Simultaneous to the sales listing, the lender brought the note out to the market for sale. We brought a qualified note buyer in, however, the transaction ultimately failed and the lender took the note off the market. We were then able to secure a different buyer for the asset which went through a very challenging sales cycle in which the deal nearly fell apart several times. The deal ultimately closed and Vertica was retained by the buyer to purchase individual units in the communities on a one-off basis.