Colliers sells Sand Dollar Apartments

CLEARWATER - Colliers International Tampa Bay Florida announced the recent sale of Sand Dollar Apartments, a 40-unit apartment community in Tampa. Sand Dollar Apartments was sold by Crown NorthCorp Inc. for $990,000 as a distressed sale and was purchased by Catholic Charities-Sand Dollar Inc.

Multifamily investment brokers Jason T. Stanton, CCIM, and John W. Stone, CCIM, of Colliers International Tampa Bay Florida, in conjunction with Nick Pavonetti of Neighborhood Stimulus Group, facilitated the transaction. Funds from the Federal Neighborhood Stabilization Program were used by the buyer to acquire the property.

Sand Dollar Apartments is at 12708 N. 19th Street in the University of South Florida area. Built in 1984, the apartments' unit mix consists of two-bedroom, two-bathroom units with approximately 892sf. The property was approximately 32% occupied at the time of closing.

This sale was the eighth distressed transaction that the Colliers International Tampa Bay Florida Apartment Team has closed in the past year, representing a total value of more than $55 million.