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BUYER: Snook River Real Estate III LLC (Snook River Real Estate Investments LLC and Eastomo Holdings Limited), Bradenton
SELLER: P.P.C. Enterprises Inc.
PROPERTY: 3435 Third Ave. N., St. Petersburg
PRICE: $2.5 million
PREVIOUS PRICE: $1.98 million, April 2004
TITLE FIRM ON DEED: Universal Land Title LLC, Seminole
PLANS, DESCRIPTION: Bradenton real estate broker Lenny Longo and Swedish investors Eastomo Holdings Limited purchased the 57-unit Charter House Apartments for $2.5 million.
The price equated to $43,860 per unit and a pay off ratio based on current income (capitalization ratio) in the range of 10%.
Located across from a new Walmart Supercenter, the apartment complex was 90% occupied at the time of the sale. The development features a laundry facility.
Longo, of Like It Realty, describes it as class-B complex, but says the new owners plan to invest capital to improve it significantly.
“My partners and I are looking for multifamily properties with high rates of return to hold them for the long term,” Longo says. “We are looking at [investing] at least in six figures there. We are looking to do more deals like this.”
As units turn, the new owners plan to change the flooring, lighting, cabinets, counters and in certain cases the appliances. The improvements also call for the installation of a closed-circuit security video system.
The purchase entity Snook River Real Estate III LLC mortgaged the property to Mutual of Omaha Bank for $1.88 million.
This article has been updated to reflect that the Charter House Apartments are a class-B complex. The class was originally misreported.
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