Garden-style apartment community in Tampa that once faced code violations has sold for $23 million
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Sep 22, 2020

A garden-style apartment community near Temple Terrace has a new owner.

Courtyards on the River, at 8412 Rio Bravo Court, sold for $23 million in late August, according to Hillsborough County property records. The deed was transferred to New Jersey-based Terra Financial Solutions, which provides financial management services for property owners.

With 296 units, the sales price breaks down to $77,702 per apartment. The seller was a private investor based in Broward County.

The buyer secured a loan for $18.75 million from Virginia-based Harbor Group International.

The apartment property made headlines in 2016 when ABC Action News reported that one tenant was complaining of "uninhabitable living conditions" and that there were several open code violations under investigation by the city. City building records show the previous owner sought roof permits in late 2016, and code violations were reported up until June. A now-closed complaint filed June 24 reported rat and termite infestation and a broken pipe within an apartment on the property.