Garrity Land Development buys Hyde Park Pointe

BUYER: GDG Properties of Tampa Bay LLC (principals: John Garrity and John Garrity II), Tampa

SELLER: La Punta De Hyde Park LLC

PROPERTY: 227 S. Armenia Ave., Tampa

PRICE: $1.9 million

PREVIOUS PRICE: $1.67 million, October 2002

LAW FIRM ON DEED: William P. Gregory PA, Tampa

PLANS, DESCRIPTION: The Garrity Land Development Group purchased the 32-unit Hyde Park Pointe apartment complex for $1.9 million.

The price equated to $59,375 per unit.

Built in 1962, the 23,500-square-foot, garden-style apartment features a pool, laundry facilities and several courtyards. The complex was 78% occupied at the time of the sale.

“The location in Hyde Park is really what attracted us,” says John Garrity II, managing member of The Garrity Development Group. “We look for 'A' locations that are a 'C' or 'B' from a construction standpoint. I'm a general contractor, so we can handle the improvements.”

Garrity plans to do some mechanical work on the complex and upgrade its irrigation, landscaping and signage. He also expects to install a security-access system.

Phillip Scott Management & Investments in Indian Rocks Beach will be the property manager for Hyde Park Pointe.

The 2-year-old firm says it plans to be aggressive in buying multifamily properties. It hopes to add another 400 units to its portfolio in the next 24 months, Garrity says.

The purchase entity GDG Properties of Tampa Bay mortgaged the property to John and Linda Garrity for two loans totaling $2 million.