HAMPTONS AT TAMPA PALMS

15350 AMBERLY DRIVE TAMPA, FL

BULK SALE DATE- DECEMBER 2013

BULK SALE PRICE -$21,500,000

BULK SALE PRICE/UNIT- $99,078

BULK SALE PRICE/SF – $68.81

YEAR BUILT – 1996

COMMUNITY DESCRIPTION

The Hamptons at Tampa Palms is a Class A luxury gated community located in the New Tampa/Tampa Palms sub-market of the Tampa Bay MSA. Well situated along a major transportation corridor connecting The University of South Florida area with Wesley Chapel. The property is in close proximity to several hospitals, employment centers, shopping dining and affords easy access to Interstate highways. Most units have direct garage access.

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.