Grand Key is a $51,150,000 structured finance transaction with Crescent Heights.
Quietly, wind touches leafy palms that encircle a glistening pool that finds its source from a trickling waterfall in a secluded tropical paradise.
Grand Key Condominiums offers beautiful surroundings that include an elegantly designed swimming pool with waterfall, uniquely preserved courtyard areas, and lush areas to picnic.
Grand Key Condominiums presents seven distinctive floor plans complete with oversized screened patios/balconies, enclosed solariums, nine foot ceilings, detailed crown molding, trey ceilings, hardwood floors, paneled doors, and ceramic tiled entryways. Relax in your new home that has been thoughtfully designed to include ceiling fans throughout, oversized soaking bathtubs, custom kitchens, washer and dryers included in every condominium.
Softly, the sun caresses the cool shaded landscape as small waves lap up on the grassy shoreline. A tropical paradise is only a step away at Grand Key Condominiums.
• Business Resource Center
• Resort Style Swimmimg Pool
• State-of-the-Art Gym
• Indoor Basketball/Sport Court
• Conference Room
• Media Resource Room
• Covered Car Care Center
• Covered Parking Available
• Detached Garages Available
• Remote Control Access Gates
In one of the largest real estate transactions so far this year in the Bay area, a tampa Apartments has been sold for $53 million to a Miami-based developer that plans to convert the 424-unit complex to condominiums.
Crescent Heights Acquisitions LLC purchased the rental property from Dallas-based CH Realty II/Tampa Key LLC earlier this month. The property since has been renamed Grand Key and is nearly 98-percent occupied, said a leasing agent at the complex.
Eddie Flom, a spokesman with Crescent Heights' Tampa Bay regional office in Palm Harbor, confirmed the company has made another purchase in the area but refused to specify the location.
But Warren Weathers, assistant property appraiser for Hillsborough County, confirmed Crescent Height's newest acquisition is Grand Key .
Crescent Heights, which began in Miami Beach in the 1980s and now has offices across the country, is one of the nation's largest residential condominium and rental developers.
The company is an all-cash buyer and prefers fast closings, a statement on its Web site reads.
Currently, Crescent Heights owns three other properties in the Bay area -- one in Palm Harbor, another on Harbour Island and a third on Clearwater Beach. It has been buying in the Tampa Bay area at a pace of about one major deal a year.
In August 2003, Crescent Heights acquired the Clearwater Beach 880 Mandalay Apartments for $45.5 million and converted it to condominiums.
The company bought the Island Place and Island Walk apartment complexes on the Island in late 2000, which also were converted to condo.
And last May, Crescent Heights acquired ParkCrest II at Innisbrook in Palm Harbor for $41.3 million. The company renamed the then 396-unit apartment community to Tuscany at Innisbrook and converted it to condominiums as well.
All properties are listed on the company's Web site as "sold out," with the exception of Grand key, which does not yet appear
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