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BUYER: Mental Health Care Inc. (principals: Guy King III, Robert Choate, Andrew Cohen, Frank Perez Jr., Dave Hunter and Geoghagan Brenda), Tampa
SELLER: Deva Apartments LL
PROPERTY: 5126 N. Habana Ave., Tampa
PRICE: $1.03 million
PREVIOUS PRICE: $2.1 million, October 2007
LAW FIRM ON DEED: Porges Hamlin Knowles & Prouty PA, Bradenton
PLANS, DESCRIPTION: Tampa-based Mental Health Care Inc. purchased the 38-unit Holiday Oaks apartment complex for $1.03 million.
The price equated to $26,974 per unit.
Mental Health Care, a nonprofit, acquired the apartment in a partnership with Crossland LLC and the city of Tampa. It plans to renovate and rebrand the community.
“The property was in really bad shape,” says Julian Rice, CEO of Mental Health Care. “There were several families living there but it had been practically abandoned. There was a lot of drug activity. The end result we hope will be far superior housing that's a dramatic improvement for the neighborhood.”
After the complex is renovated, Mental Health Care will lease it out as affordable housing for low-income tenants.
Crossland will handle the renovations. The city supplied federal money for the project through its Neighborhood Stabilization Program.
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