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Canadian investor firm buys Oakwood Trace Apartments


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  • | 1:01 a.m. September 3, 2011
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  • Tampa Bay-Lakeland
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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.

 

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