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Largo Apartments Sell for $825,000

The 22-unit apartment complex was sold to a California-based investor.

Tara Gardens, a 22-unit apartment complex at 1630 Jefferson Ave. in Largo, has sold for $825,000.

The property previously sold in 2007 for $1.48 million, according to Pinellas County Appraiser's Office.

This time around, the apartment complex was purchased by a California-based private investor. An article in the Tampa Bay Business Journal said that the purchased is the second one by the buyer in Pinellas County in the past 12 months.

Many companies see investing in rental apartments and rental homes as a way to turn a profit, as fewer people are qualifying to borrow money to buy a home since the real estate collapse.

The property originally was built in 1972. It has a two-story building on a half-acre, according to listings for the site. Units are one and two bedrooms. Most of the units were renovated in the last 12 months.

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