Praedium, Affirmative Equities dump complex

Multifamily property near full occupancy

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A joint venture between The Praedium Group LLC and Affirmative Equities Co. sold The Palms at Livingston, a multifamily complex in Lutz, Fla. The value of the transaction was $10.1 million. Built in 1990, the two-story multifamily garden property, located at 15420 Livingston Ave., comprises 213 units. Since its purchase in July 2001, numerous capital improvements have been made, including landscaping, unit interiors, pool deck and clubhouse. At the time of sale, occupancy was 94 percent. Gerald Smith of Orlando, Fla.-based Smith Equities represented the sellers. The buyer is a joint venture between Sterling American Property Inc. and BH Management. Affirmative Equities Co. L.P. is a full-service real estate firm; The Praedium Group is a real estate investor. *** What's your opinion? Send your Letter to the Editor to