By Becky Bowers, Times Staff Writer
Tuesday, August 17, 2010
Landings at Boot Ranch West, a Palm Harbor apartment complex, has a new owner. WRH Boot Ranch purchased the 232-unit complex for $11.25 million. CB Richard Ellis represented the seller, FHFCIII. The complex was built in 1997 with a pool, spa, fitness center, and tennis and volleyball courts. Less than a decade later, an engineering firm hired by Pinellas County found problems at more than 60 units, more than a dozen critical, after a woman fell thigh-deep through a first-floor bathroom floor. At the time of the sale, the complex was 93 percent occupied with rents on apartments that average 1,072 square feet averaging more than $800 a month.