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Tampa Bay Area
Business Observer Friday, Apr. 22, 2011 9 years ago

Tampa apartment investor buys Interbay's Green Oaks

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Tampa-area investor William Sultenfuss purchased the 100-unit Green Oaks Apartments for $2.35 million.

BUYER: WISCO LLC (principal: William Sultenfuss II), Tampa


SELLER: SCB Florida Tabarin Return LLC


PROPERTY: 6815 Interbay Blvd., Tampa


PRICE: $2.35 million


PREVIOUS PRICE: $5.37 million, July 2006


LAW FIRM ON DEED: Arnstein & Lehr LLP, Tampa


PLANS, DESCRIPTION: Tampa-area investor William Sultenfuss purchased the 100-unit Green Oaks Apartments for $2.35 million.


The price equated to $23,500 per unit.


The previously lender-owned property features 68 one-bedroom units and 32 two-bedroom units.


The property was 75% occupied at the time of the sale.


The NAI Tampa Bay Troubled Asset Optimization team represented the buyer and Doyle & MacGrath Real Estate represented the seller, Dickenson Financial Corp.


The property had some deferred maintenance, according to lead broker John Burpee, president of NAI Tampa Bay.


“It will take $75,000 to $100,000 to address those issues,” he says. “It's a C-class asset. It was bought by an all-cash buyer.”


Sultenfuss owns the several-building Davis Island Apartments in Tampa and previously owned the Baywater Apartments on Waters Avenue. Sultenfuss sold the 176-unit Baywater Apartments in January for $8.75 million.


The Business Review was unable to contact Sultenfuss prior to deadline.

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