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Tampa Bay Area
Business Observer Friday, Feb. 18, 2011 9 years ago

Tampa investors buy Baywater Apartments

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Tampa investors Albert Salem and Ranald Stewart III purchased the 176-unit Baywater Apartments for $8.75 million.

BUYER: Baywater Apartments LLC (principals: Albert Salem and Ranald Stewart III), Tampa


SELLER: Merecorp Inc.


PROPERTY: 6910 W. Waters Ave., Tampa


PRICE: $8.75 million


PREVIOUS PRICE: $5.25 million, October 2009


LAW FIRM ON DEED: Albert Salem & Associates PA, Tampa


PLANS, DESCRIPTION: Tampa investors Albert Salem and Ranald Stewart III purchased the 176-unit Baywater Apartments for $8.75 million.


The price equated to $49,716 per unit and $62.14 per rentable square foot.


The 140,800-square-foot Baywater Apartments is a garden-apartment style community with 17 two-story residential buildings.


The unit mix is comprised of one-bedroom and two-bedroom floor plans. The property was 93% occupied at the time of sale.


Darron Kattan, Bob Goldfinger and Kevin Kelleher of Franklin Street Real Estate Services represented the seller, Merecorp Inc.


“It was very well occupied for the area,” Goldfinger says. “It was a healthy property, which demands that healthy price. There was no distress.”

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