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Longtime Colliers broker closes $18.2M apartment sale before retiring

Cambria at Polo South was a failed condo conversion in Kissimmee. FM Capital bought 196 units for $18.2 million and plans to buy the remainng 20 condo units and revert the entire complex back to apartments.
Cambria at Polo South was a failed condo conversion in Kissimmee. FM Capital bought 196 units for $18.2 million and plans to buy the remainng 20 condo units and revert the entire complex back to apartments. (Colliers)

After three years of "slowly unwinding my practice" John Stone can now concentrate full time on his golf swing.

Stone, principal and managing director of multifamily investment sales for Colliers International Tampa Bay, closed the final transaction of his 40-year career earlier this month with the $18.2 million sale of the Cambria at Polos South apartments in Kissimmee.

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Stone told GrowthSpotter he listed the 216-unit complex in May for the seller, KISS BH18 LLC. The complex was built in 1991 and underwent a failed condo conversion in 2007.

John Stone retired after closing his final sale this month. He sold in excess of $1.2 billion for Colliers as head of the Tampa Bay office's mulitfamily division.
John Stone retired after closing his final sale this month. He sold in excess of $1.2 billion for Colliers as head of the Tampa Bay office's mulitfamily division. (Colliers)

"They sold about 35 units," he said. "This owner actually bought the mortgage and foreclosed in 2010. They've been operating it as bulk rental units and they also bought back a number of the investor-owned units."

The complex presented a significant value-add opportunity, but Stone said the fractured condo units limited the buyer pool.

The Dec. 7 sale to FM Capital included all but the remaining 20 investor-owned units. The property sold for approximately $92,704 per apartment.

"Their plan is to buy back the remaining units, collapse the condo association and turn it back into 100-percent rental, which means they'll terminate the condo documents," Stone said.

Arbor Realty Trust backed the deal with a $13.8 million loan.

Stone began his real estate career in 1977 and joined Colliers in 1989, where he founded the Colliers Investment Services Group for North
America (CISG) and Colliers Multi-Family Advisor Group for North America (CMAG).

"I have closed in excess of $1.2 billion with Colliers," he said. "I've done $100 million in just the last two years - so that's a nice way to go out."

He and his wife moved from Dunedin to The Villages two years ago, and they're taking full advantage of the community's dining and social scene. "One day you wake up and you turn 60 and you just go, I need to learn how to play again," he said.

Have a tip about Central Florida development? Contact me at lkinsler@GrowthSpotter.com or (407)420-6261, or tweet me at @LKinslerOGrowth. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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