Conversion Trend Growing

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Nov 5, 2005

Conversion Trend Growing

By LAURA KINSLER
lkinsler@tampatrib.com

TAMPA - PALMS -- The condo conversion trend is continuing to have an impact on the New Tampa housing market.

Orlando-based Tarragon Corp., which specializes in condo conversions, recently acquired The Preserve, a 378-unit apartment complex in Tampa Palms near Freedom High School. Tarragon also announced plans last week to convert The Vintage, another Tampa Palms apartment community, into condominiums.

Tarragon, which recently converted apartment complexes in Beach Park and Ybor City into condominiums, was the original developer in 2001 of The Vintage. The company has renamed the 298-unit complex "Oxford Place at Tampa Palms." Sale prices for one-bedroom units will start in the low $100,000s.

The company has not announced its plans for The Preserve. If it does go condo, it would be the fourth apartment community in Tampa Palms to convert in 2005.

Bay Communities is in the process of converting The Hamptons on Amberly Drive after paying $54.6 million for the 315-unit complex.

Chicago-based MCZ/Centrum this summer paid $48 million to buy The Grand Reserve at Tampa Palms. The 390-unit complex across from the Tampa Palms post office was built in 1999.

The condo conversion trend isn't limited to Tampa Palms. Somerset Park, a 30-year-old apartment complex at Bearss Avenue and Bruce B. Downs Boulevard, is selling its 220 units as condominiums.

This story can be found at: http://www.tampatrib.com/News/MGBWQ7WWMFE.html