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Residential Management Inc. buys Fisherman's Landing
BUYER: Daejan Fisherman's Landing LLC (principal: Labe Twerski), Tampa
SELLER: Fishermans Landing JV LP
PROPERTY: 8900 Fisherman's Point Drive, Temple Terrace
PRICE: $14.95 million
PREVIOUS PRICE: $10.95 million, September 1998
LAW FIRM ON DEED: Greenberg Traurig PA, Miami
PLANS, DESCRIPTION: Brooklyn, N.Y.-based Residential Management Inc. purchased the 256-unit Fisherman's Landing apartments just north of State Road 582 from Aimco for $14.95 million. The purchase price equated to $53,398 per unit.
The three-story, 216,600-square-foot complex occupies 19.37 acres and was built in 1986. It was 94% occupied at the time of the sale.
“Aimco is a much larger company; we're more of a mom and pop operation,” says Labe Twerski, head of Residential Management Inc. “We're going to increase the security and lighting, and we're looking to make some capital improvements over the next few year. But we're really hoping to increase the occupancy through top-of-the-line service. A lot of people move from one complex to another because they're unhappy. Turn-over costs money.”
Residential Management owns several apartment properties in Boston and New York and purchased the 256-unit Hidden Palms Apartments in Tampa in January for $14.5 million. Twerski says he has been particularly attracted to the Tampa market because of its large middle class.
Jamie B. May and Matt Mitchell with Marcus & Millichap's National Multi Housing Group, brokered the sale on behalf of Aimco.
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