Fractured condo in Carrollwood sells for $99 million
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Aug 9, 2022

The rental units in a fractured condominium in Carrollwood have sold for more than $99 million.

TruAmerica, based in Santa Monica, California, has acquired 325 of 390 units in Arbors at Carrollwood for $99.8 million, according to Hillsborough County property records. A fractured condominium is a complex in which some units are individually owned, but the bulk are operated as apartments.

The sales price breaks down to $307,209 per apartment. Multifamily real estate values in Tampa Bay have soared in recent years as an influx of new residents creates unprecedented demand for housing — and pushes monthly rents to new records.

Santander Bank, based in Massachusetts, provided a $46.1 million mortgage for the acquisition, according to property records.

The seller, a joint venture of Robbins Property Associates and LEM Capital, acquired 319 units in 2019 for $52.25 million or $163,793 per unit. Each recent owner has acquired more of the condos in the complex; Avesta Communities, which sold the property to Robbins in 2019, bought 218 units in a bulk sale in 2016.