BUYER: Rifai Properties LLC (principal: Hany Rifai), Cedar Valley, Ontario, Canada
SELLER: Evah Garcia, Ellen Buehl and Veve and Mary Rendall as successor co-trustees of the Warren C. Rendall Revocable Trust
PROPERTY: 207 Mason St., Tampa
PRICE: $1.04 million
PREVIOUS PRICE: $826,500, June 1986
LAW FIRM ON DEED: Hill Ward Henderson, Tampa
PLANS, DESCRIPTION: A Canadian investment firm operating as Rifai Properties LLC purchased the 32-unit Oakwood Trace Apartments for $1.04 million.
The price equated to $32,344 per unit and $50.73 per square foot.
Built in 1975, the Oakwood Trace Apartments features four two-story concrete block buildings.
The property houses 16 one-bedroom and 16 two-bedrooms units with 550 to 725 square feet of living space. The property was 85% occupied at the time of the sale.
Kevin Kelleher, Bob Goldfinger and Darron Kattan of Franklin Street handled the transaction.
“This was an estate sale by a long-time owner,” Kattan says. “It was a stable cash flow deal, where the new owners believed they could trim expenses and push rents over time.”
Earlier this year, Rifai Properties LLC purchased a 75-unit apartment complex on 42nd Street in Tampa for $2.65 million.