APARTMENT SOLD FOR $5.05 MILLION AFTER 2-YEAR MARKETING PROCESS

TAMPA, FLA. — Regency Square Developer has sold the 120-unit Regency Square Apartments to Tampa Regency Apartments for $5.05 million in a deal 2.5 years in the making. During the long process, the sales price dropped 35 percent and the property was marketed to more than a dozen potential buyers. The complex was built in the 1970s and includes a swimming pool and a basketball court. Occupancy at the property hasn’t dropped below 93 percent in the past 3 years. Casey Babb, Bill Renje and T. Sean Lance of NAI Tampa Bay brokered the transaction for the seller. Peter Hanson of Hackensack, N.J.-based NAI James E. Hanson represented the buyer.