RIVERVIEW, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Allegro Palm (top left photo), a 432-unit condominium community in Riverview. The sales price of $10,275,000 represents $50,368 per unit and $49 per square foot.
Still Hunter, III (middle right photo) and Evan P. Kristol (lower left photo) senior vice presidents investments in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a South American investment group.
“Allegro Palm was built in 2000 as a Class A apartment community and was operated as such until March 2005 when it was converted to condos,” says Hunter. “The developer sold more than 200 condominiums at an average price of nearly $175,000 per unit before sales stalled.”
“The new ownership acquired the unsold inventory at an incredible discount to peak value,” adds Kristol. “Allegro Palm is a well-located, high-quality community with tremendous upside potential.”
The Allegro Palm property is located at 5501 Legacy Crescent Place in Riverview, Fla., approximately 14 miles from Tampa near Ybor City, Interstate 75 and Lee Roy Selmon Expressway. In all, the sale included 204 condominiums, 32 detached garages, 11 carports and 22 storage units.
The property has seven floor plans with 76 percent two-, three- and four-bedroom units. The living spaces feature ceramic tiling, built-in shelving, large walk-in closets and vaulted ceilings. Community amenities include two resort-style pools, outdoor lounge with fireplace and basketball and tennis courts.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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