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BUYER: Oceanside Affordable Housing LLC (Case Hoogendoorn), Chicago
SELLER: Oceanside Senior Apartment LLC
PROPERTY: 6700 102nd Ave. N., Pinellas Park
PRICE: $5.5 million
PREVIOUS PRICE: $4.5 million, July 2008
ATTORNEY ON DEED: Macfarlane Ferguson & McMullen, Clearwater
PLANS, DESCRIPTION: Oceanside Affordable Housing, a Chicago-based non-profit organization that specializes in senior HUD-assisted properties, purchased the 104-unit Oceanside Apartments on 102nd Avenue near 66th Street for $5.5 million.
The purchase price equated to $52,885 per unit for the complex, which is covered under a U.S. Department of Housing and Urban Development rental assistance contact. The apartment complex features only one-bedroom units.
John Burpee, chairman of NAI Tampa Bay and lead apartment broker, represented both the buyer and the seller.
Burpee says the transaction took more than a year from contract to closing, mainly due to the cleanup of a previously undiscovered oil tank on the property and complications caused by changes at HUD. On a more positive side, the previous owner, Mallah Family Investments, received a $1-million premium over its purchase price a little more a year ago.
“[After Mallah's purchase] we repositioned the rent role and got some increases,” Burpee says. “Ben Mallah saw that it was a good property where the rent hadn't been adjusted and was way under market. We did a report and submitted it to HUD to increase the rent, which dramatically brought the property [value] up.”
Oceanside Affordable Housing mortgaged the property to Centennial Mortgage Inc. for $5.04 million.
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