- March 27, 2024
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Florida investor group buys Spring Glade apartments
BUYER FROM A CIVIL COURT CASE: Elster/Rocatica LLC (principals: Larry Elster and James Rosemurgy), Coconut Creek
SELLER: Spring Glade Affordable Housing Ltd., et al.,
PROPERTY: 2232 N. Spring Glade Circle, Tampa
PRICE: $915,000
PREVIOUS PRICE: $1.02 million, July 1995
PLANS, DESCRIPTION: Elster/Rocatica LLC purchased the 78-unit Spring Glade apartments off 22nd Street north of Fletcher Avenue at a foreclosure auction for $915,000.
The purchase price equated to $11,731 per unit and $21.47 per square foot.
The property, originally built in 1981, was 50% vacant at the time of the sale.
Elster/Rocatica LLC is a group of investors headed by Larry Elster of Complete Property Maintenance in Coconut Creek, and James Rosemurgy of Rosemurgy Properties in Deerfield Beach.
“We thought it was a very good opportunity to own property in the Tampa market with a great deal of potential upside,” Elster says. “It had a [low-income housing] tax credit attached to it, but those restrictions were eliminated with the sale. We will be able to charge market rents.”
The new ownership is renaming the complex Live Oak Landings, based on the oaks that are already on the property. Elster/Rocatica LLC also plans several improves, including new appliances, air-conditioning, carpeting and cabinetry in the units and structural building fixes.
Apartment Realty Advisors' Tampa based Patrick Dufour and Orlando-based Kevin Judd represented the seller.