BUYER: Key Vista LLC (principal: Huijun Yang), Clearwater
SELLER: Centerline Capital
PROPERTY: 1811 Tinsley Circle, Tampa
PRICE: $2.34 million
PREVIOUS PRICE: $3.14 million, April 2001
PLANS, DESCRIPTION: Clearwater-based real estate investor/ developer Huijun Yang purchased the Carlisle Lakes II Apartments on Tinsley Circle north of East Fowler Avenue for $2.34 million. The sales price equated to $15,000 per unit or $15.62 per square foot. Built in 1970, the 149,760-square-foot multifamily development houses 156 two-bedroom units. It also features a swimming pool, office, playground, and laundry facility.
Franklin Street Partners Darron Kattan and Bob Goldfinger represented the seller, and Ken Stephenson of Stephenson & Moore represented the buyer.
The property was originally covered under a tax credit program for low-income tenants, but those restrictions were removed when the previous owner's lender foreclosed on it. The property was only 20% occupied at the time of sale.
“Structurally speaking it is very sound,” Kattan says. “Looking at the unit interiors, none of them are rent ready. It needs flooring, painting and some cabinetwork. When the bank took it back it made the decision not to rent the units.
It's in a tough location. Renting in that neighborhood is very challenging. Unfortunately, it sets a new low [price point] for multifamily.”