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Tropic Property Management buys Omni Apartments
BUYER: Tropic Property Management Inc. (principal: S.H. Kipple Esq.), Tampa
SELLER: Omni II Holding Co. LLC
PROPERTY: 1008 E. 109th Ave., Tampa
PRICE: $595,000
PREVIOUS PRICE: $2.35 million, January 2006
LAW FIRM ON DEED: Saxon Gilmore Carraway & Gibbons PA, Tampa
PLANS, DESCRIPTION: Tropic Property Management Inc., a company headed by Tampa attorney Stephen Kipple, purchased the 47-unit Omni Apartments on 109th Avenue east of U.S. 41 for $595,000.
The purchase price equated to $12,660 per unit or $15.74 per rentable square foot.
A failed condo-conversion, the property had been foreclosed upon by its lender and was completely vacant at the time of the sale. Built in 1983, the wood frame and concrete block community offers 32,994 rentable square feet. The majority of the complex features two bedroom units.
Franklin Street Partners Darron Kattan, Bob Goldfinger and Kevin Kelleher handled the transaction.
“It was in a tough neighborhood,” Kattan says. “None of the units are in rent ready condition; they all need some work. The buyer is a local that owns other properties in that neighborhood. It went very quickly and was a quick closing even with the Thanksgiving holiday.”
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