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TAMPA — A pair of local buyers have been busy in the multifamily sector on the Gulf Coast.
The buyers: Long-time Largo apartment investor/operator Ben Mallah and the two-year-old Tampa-based Avesta Homes LLC, owned by Peter Reynolds and Nathaniel Fischer of St. Petersburg.
Recent Avesta Homes acquisitions include: the 193-unit Treesdale condominiums in Bradenton for $5.55 million; the 187-unit Fredericksburg Apartments for $4.48 million; the 120-unit Southern Oaks Apartments for $3.05 million; and a collection of three nearby complexes with a total of 43 apartment units for $1.18 million.
Mallah's recent purchases, meanwhile, include the 188-unit Logarto Apartments in Dunedin for $7.3 million, and the 144-unit Gateway Apartments in St. Petersburg for $5.25 million.
A running thread for these purchases is seemingly that most of these multifamily properties have a problem to fix through investment or management. The buyers have cash on hand for the purchase, too.
A final connection: the two tend to deal with Marcus & Millichap Real Estate Investment Services, and particularly Michael Regan, Francesco Carriera and Nick Meoli.
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