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Canadian firm buys apartments

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  • | 1:08 p.m. February 25, 2011
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  • Commercial Real Estate
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BUYER: Southern Shores Enterprises LLC (principal: Marianne Jones), Windemere

SELLER: EM Apartments LLC

PROPERTY: 1503 E. 142nd Ave., Tampa

PRICE: $850,000

PREVIOUS PRICE: $2.75 million, November 2006

LAW FIRM ON DEED: Fanelli Law Firm PA, Tampa

PLANS, DESCRIPTION: A Canadian investment group purchased the 61-unit Las Villas Apartments for $850,000.

The price equated to $13,934 per unit or $22 per square foot.

The seller, EM Apartments LLC, bought the property last March as part of a foreclosure between Sovereign Bank and 142 Oasis Apartments LLC for $100,100. EM Apartments then sold it to Southern Shores Enterprise LLC.

The 38,620-square-foot property was 50% occupied at the time of sale. The complex features a series of five concrete-block buildings that house one-bedroom apartments at 630 square feet per unit. All the buildings are two stories.

Darron Kattan, Bob Goldfinger and Kevin Kelleher of Franklin Street Real Estate Services handled the transaction.

“The buyer plans to make improvements to the property in order to shorten the time it will take to stabilize operations,” Kelleher says in a press release.

The purchase entity Southern Shores Enterprises LLC mortgaged the property to the former owner EM Apartments LLC for $200,000.


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