AL Properties of Tampa buys Panorama Apartments

BUYER: AL Properties of Tampa Inc.(principal: Alberto and Myrna Lopez), Tampa

SELLER: Habana Club Apartments LLC

PROPERTY: 5505 N. Habana Ave., Tampa

PRICE: $1.08 million

PREVIOUS PRICE: $1.95 million, August 2004

TITLE FIRM ON DEED: Stewart Title Guaranty Co., Tampa

PLANS, DESCRIPTION: Alberto and Myrna Lopez of Tampa purchased the 47-unit Panorama Apartments for $1.08 million.

The price equated to $22,979 per unit or $30 per square foot.

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

The couple already owns two smaller apartment complexes in the Tampa area.

The seller, a private investment group known as Habana Club Apartments LLC, purchased the note three months earlier and had started to stabilize the property prior to the sale. The 35,640-square-foot, gated apartment community was 60% occupied at the time of the sale.

“It was in fair condition,” Kelleher says. “It definitely needed some capital improvement. The roofs were in bad shape, but most of the interiors hadn't been touched. The buyer was a local operator that had a good understanding of the market.”

The purchase entity AL Properties of Tampa Inc. mortgaged the property to USAmeriBank for $1.85 million.