- June 7, 2013
BUYER: Isram Residential Monterey Lakes LLC (principals: Shaul Rikman and Abigail Katzman), Hallandale
SELLER: Fund VII ML Largo LLC
PROPERTY: 7501 and 7350 Ulmerton Road, Largo
PRICE: $23.63 million
PREVIOUS PRICE: $17.73 million, October 2002
LAW FIRM ON DEED: Quarles & Brady LLP, Tampa
PLANS, DESCRIPTION: The Isram Group of Cos. purchased the 324-unit Monterey Lakes apartments in Largo for $23.63 million.
The price equated to $73,000 per unit.
The property was completed in two phases in 1984 and 1992 and features concrete, block and stucco construction. It was between 92% and 93% occupied at the time of the sale, according to Shai Moschowits, Isram Group's CEO.
“We have been looking to expand our residential portfolio,” he says. “The majority of holdings have been in shopping centers. We like that we already have a retail presence in Largo and the West Coast of Florida. Our two-year goal is to have 1,000 to 1,200 units.”
Moschowits says that the Largo residential market had a number of barriers to entry that should help the property remain valuable. Further, he says the firm has one or two more retail acquisitions planned for the Gulf Coast market this year.
Richard Donnellan, Patrick Dufour, Kevin Judd, and Matt Wilcox of ARA represented the seller Waterton Residential of Chicago.
Isram currently owns, leases and manages 1.6 million square feet of primarily retail-oriented neighborhood and community shopping centers in the Florida market, from Coral Gables through Jacksonville.