ARA Newmark Brokers $23.7M Sale of Apartment Community in Metro Tampa Bay

BRANDON, FLA. — ARA Newmark has brokered the $23.7 million sale of Tuscany Villas, a 248-unit garden apartment property in Brandon, within the Tampa Bay metro area. Built in 1997, the community comprises one- to four-bedroom units averaging 932 square feet. Amenities include a swimming pool, dog park, tennis courts, playground, sand volleyball court, 24-hour fitness center, internet lounge/business center and a barbecue/picnic area. The property was 97 percent occupied at the time of sale. Rockville, Md.-based CAPREIT purchased Tuscany Villas from Jackson Square Properties, a real estate investment and management joint venture based in San Francisco. Patrick Dufour, Marc deBaptiste and Scott Ramey of ARA Newmark represented the seller in the transaction.