Please ensure Javascript is enabled for purposes of website accessibility

Tampa's Merecorp Inc. buys Baywater Apartments


  • By
  • | 9:18 p.m. November 12, 2009
  • | 2 Free Articles Remaining!
  • Tampa Bay-Lakeland
  • Share

Tampa's Merecorp Inc. buys Baywater Apartments


BUYER: Merecorp Inc. (principal: William Sultenfuss), Tampa


SELLER: DMC Baywater Apartments Limited Partnership


PROPERTY: 6910 W. Waters Ave. Tampa


PRICE: $5.95 million


PREVIOUS PRICE: $4.7 million, November 1997


LAW FIRM ON DEED: Stearns Weaver Miller Weissler Alhadeff & Sitterson PA, Tampa


PLANS, DESCRIPTION: Tampa area investor William Sultenfuss purchased the Baywater Apartments on Waters Avenue near Rustic Drive from the Dinerstein Cos. for $5.95 million.


The purchase price equated to $33,858 per unit and $43.81 per square foot.


The acquisition was part of a 1031 exchange for the buyer, who sold a property about four months ago in Pinellas County.


Built in 1984, the 136,016-square-foot Baywater Apartments features 176 one- and two-bedroom units. The apartment units range in size from 539 square feet to 1,229 square feet.


Franklin Street Real Estate Services partners Darron Kattan and Bob Goldfinger represented the buyer


“The buyer plans on spending his time and money on the physical and management operations to generate significantly more net operating income than the previous owner,” Kattan said in a press release. “The property was not in bad shape, but it is getting to that age where renovations were needed to keep the property competitively in tune with the market.”


Sultenfuss assumed an existing mortgage and is looking to reposition the property for greater cash flow.

 

Latest News

×

Special Offer: $5 for 2 Months!

Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.
Join thousands of executives who rely on us for insights spanning Tampa Bay to Naples.