The Real Deal Miami

Compass Bank loses $13.1 million in sale of 121 units in Tampa

March 23, 2010 10:27AM

Compass Bank, which took over the failed condo conversion Legacy at
Tampa from Group Developers LLC in the summer, sold 121 units for an
average price of $17,355 per unit, according to Marcus & Millichap.
The bank lost a total of $13.1 million in the transaction, with the
total proceeds of $2.1 million a far cry from the $15.2 milion it had
paid the development group four years ago for the properties. The units
were bought by CCP Legacy, a company formed in February. [TBBJ]