BUYER: Catholic Charities - Sand Dollar Inc. (principals: Frank Murphy, Sheila Lopez and James Wayne), St. Petersburg
SELLER: SDG Apts. Holding Co. LLC
PROPERTY: 12708 N. 19th St., Tampa
PREVIOUS PRICE: $2.38 million, March 2006
LAW FIRM ON DEED: DiVito & Higham PA, St. Petersburg
PLANS, DESCRIPTION: Catholic Charities purchased the 40-unit Sand Dollar Apartments for $990,000.
The price equated to $24,750 per apartment unit.
The buyer used funds from the Federal Neighborhood Stabilization Program through Hillsborough County to acquire the property. The county provided the purchase entity Catholic Charities - Sand Dollar Inc. with a $999,823.15 mortgage for the purchase.
Only 32% of the complex was occupied at the time of the sale. The development was originally built in 1984 and units average 892 square feet.
“It needs a lot of renovation,” says Frank Murphy, president of Catholic Charities. “We have an agreement with Hillsborough County and land-use restrictions for the next 20 to 25 years to manage the property. This allows us to have a place for people to go that are really struggling.”
Catholic Charities expects to spend at least $50,000 per unit on improvements. The organization, a nonprofit, is now obligated to rent the property to lower-income tenants.
Catholic Charities manages 1,200 apartments in the Tampa Bay area, mostly for special populations such as migrants, AIDS patients and the elderly.
Jason Stanton and John W. Stone of Colliers International Tampa Bay Florida and Nick Pavonetti of the Neighborhood Stimulus Group handled the transaction.