The Springdale Apartments in Palm Springs were acquired by a Tampa-based company for $13.25 million.
Advenir@Pines, part of Stephen Vecchitto’s Aventura-based apartment developer Advenir, sold the 152-unit complex at 2300 Springdale Blvd. to 2500 Springdale LLC and 1746 10th Way LLC. The new co-owners are Tampa-based Avesta Homes and the Sarasota-based Jesse M. Biter, a software entrepreneur and real estate investor.
Berkadia Commercial Mortgage provided an $11 million mortgage to the buyer.
The price equates to $87,171 per unit. The property last traded for $10.08 million in 2004.
Totaling 143,139 square feet, the Springdale Apartments were built on the 5.6-acre site in 1985. It includes a pool, park and free WiFi in every home. Units range from 760 square feet to 926 square feet. Rent goes from $890 per month to $1,041 per month.