Cushman & Wakefield negotiates sale of Village Oaks for $21,250,050M

TAMPA, FL – Sept. 3, 2008 – Cushman & Wakefield’s Florida Apartment Brokerage Services with apartment specialists in Tampa, Orlando, Ft. Lauderdale and Miami, announces the sale of Village Oaks (top right photo) for $21,250,050.

The purchaser was Mid-America Apartment Communities, a Tennessee based REIT. Executive Director Byron Moger (top left photo) and Director Luis Elorza (bottom right photo) negotiated the sale on behalf of the owners, Radco Management LLC, receiver for EB Developers.

Village Oaks, located at 8425 Montravail Circle in Tampa, Florida, across the street from the Hidden River Corporate Park and adjacent to the Tampa Oaks II office building, was built in 2005.

The property consists of a total 279,750 square feet, 234 units with 19 units owned individually as condominiums. Mid-America Apartment Communities purchased the remaining 215 unsold units.

Village Oaks offers a mix of 1, 2 and 3 bedrooms and features a resort-style pool, elevator service in all buildings and high-tech services such as remote control of lighting, A / C, appliances and television monitoring of the community.

“Mid-America is creative and was able to buy a fractured condominium conversion. As a result, they got an excellent price for 215 (out of a total 234) high quality apartments with upside potential. For a garden-style community, Village Oaks has superior amenities including elevators,” said Moger.

To view our current multifamily listings, please visit http://www.apartments.cushwake.com/ or contact:
Byron Moger, Executive Director, Cushman & Wakefield,Inc., 813.204.5316, byron.moger@cushwake.com