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Father-son investment team buys Tampa's Valencia Village
BUYER: Hayes Enterprises Tampa LLC (principals: James Hayes II and James Hayes III), Tampa
SELLER: FL — 4 Carlsbad LLC
PROPERTY: 13408 Grand Prix Way, Tampa
PRICE: $1.93 million
PREVIOUS PRICE: $5.1 million, May 2005
LAW FIRM ON DEED: Thompson & Knight LLP, Dallas
PLANS, DESCRIPTION: Hayes Enterprises Tampa LLC, a real estate entity owned by James Hayes III of West Palm Beach and his father, James Hayes II of Corpus Christi, Texas, purchased the 132-unit Valencia Village apartments between Fletcher and 131st avenues for $1.93 million.
The purchase price equated to $14,636 per unit.
Built in 1974, the 17-building complex occupies a 6.77-acre lot. The gated property features laundry facilities, a swimming pool and sundeck and sports courts. It was 93.5% occupied at the time of the sale, according to James Hayes III.
“It has some of the largest units we have seen,” says Hayes. “The one bedroom units are 903 square feet and they go up to four bedrooms.
Tampa is also a great city to be in. The only drawback is the curb appeal and that's something we plan to focus on in the months to come.”
Hayes plans to paint much of the previously bank-owned complex to breakup its red exterior and to make other improvements to the outside of the complex.
The purchase entity Hayes Enterprises Tampa LLC mortgaged the property to James and Mary Anne Hayes for $2 million.
Evan P. Kristol and Still Hunter III of Marcus & Millichap Real Estate Investment Services' Fort Lauderdale office and Francesco P. Carriera of the Tampa office handled the transaction.
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