Tampa's Merecorp Inc. buys Baywater Apartments

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.