Buyer covers most of the price of Tampa-area rentals by assuming Fannie Mae loan

Tuscany Villas in Brandon

The buyer of a Class B apartment complex in the Tampa area covered most of the $28.3 million price by assuming a Fannie Mae loan from the seller.

Phoenix Realty Group paid $114,112 per apartment for the 248-unit complex in Brandon, an eastern suburb of Tampa.

According to commercial real estate services provider Yardi Systems Inc., Phoenix Realty assumed a Fannie Mae loan with an $18 million balance in connection with its acquisition of the rental property, called Tuscany Villas Apartments.

The ten-year loan, originated in the amount of $18.4 million, has an interest rate of 3.6 percent per annum.

The seller was Toronto-based Canadian Apartment Properties Real Estate Investment Trust, doing business as CAPREIT.

Phoenix Realty plans to renovate Tuscany Villas and rename it Alvista Sterling Palms, joining other properties Phoenix operates under its Alvista brand.

The property has apartment floor plans ranging from one bedroom and 672 square feet to four bedrooms and 1,344 square feet. [Multihousing News] – Mike Seemuth

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