BUYER: 5909 Gulf LLC (Integritas Residential LLC), Tampa
SELLER: Andrew and Marion Steele
PROPERTY: 5528, 5530 and 5532 Executive Drive, 5911, 5915, 5925 and 5927 Gulf Drive, 5820 Nebraska Ave., New Port Richey
PRICE: $1.18 million
PREVIOUS PRICE: $38,000, December 1977
TITLE FIRM ON DEED: Master Title Service, New Port Richey
PLANS, DESCRIPTION: Tampa-based Avesta Homes LLC purchased a 43-unit portfolio of three adjacent apartment properties for $1.18 million.
The price equated to $27,326 per unit.
Located on a 2.35-acre site, the portfolio included 10 one- and two-story buildings. The portfolio was 80% occupied at the time of the sale. The buildings include two studio units; 20 one-bedroom/one-bathroom units with 720 square feet; 20 two-bedroom/one-bathroom units with 780 square feet; and one three-bedroom/two-bathroom unit with 1,591 square feet.
Michael P. Regan, Francesco Carriera and Nicholas Meoli of Marcus & Millichap's Tampa office handled the transaction.
“The condition of the units was above average,” Meoli says. “But the rents were below market.”
Meoli says the biggest opportunity for the new owners to improve the value of the portfolio is through changes to its management.
The quick transaction was completed for cash.
The purchase comes on the heels of Avesta Homes' acquisition of the 120-unit Southern Oaks apartment in Tampa for $3.05 million. The same investment group purchased the 193-unit Treesdale Condominiums in Bradenton for $5.55 million, and the 187-unit Fredericksburg Apartments in Tampa for $4.48 million.