Prominent investor Mallah buys Saddlebrook Village

BUYER: Saddlebrook Apartments LLC, Largo
SELLER: CEI/Kensington Ltd.
PROPERTY: 8695 Saddlebrook Circle, Naples
PRICE: $6.25 million
PREVIOUS PRICE: $22,200, December 2002
LAW FIRM ON DEED: Riemer & Braunstein LLP, Boston

PLANS, DESCRIPTION: Largo real estate investor Ben Mallah purchased the 140-unit Saddlebrook Village apartments for $6.25 million.

The price equated to $44,642 per unit.

Built in 1999, Saddlebrook Village is low-income housing tax credit property, which restricts the income of tenants and requires below-market rents. Currently 112 units must be rented to tenants earning no more than 60% of the local area median income.

The 13.8-acre community features 20 two-bedroom/one-bath, 96 two-bedroom/ two-bath and 24 three-bedroom/two-bath apartment units. Its amenities include a community swimming pool, fitness center, clubhouse and children's playground.

Frank Carriera and Mike Regan Marcus & Millichap's Tampa office and Tim Flint, Dmitry Gourkine, Armand Tiberio, Spencer Hurst and Jeff Kunitz of the Tax Credit Group of Marcus & Millichap represented the seller.

“It was pretty distressed from a physical standpoint and needed some significant work,” Carriera says.

Mallah owns a number of multifamily and retail properties in the area, including the 144-unit Gateway Apartments in St. Petersburg, the 320-unit Brittany Apartments and the Pelican Walk Plaza on Clearwater Beach.

The purchase entity Saddlebrook Apartments LLC mortgaged the property to Stonegate Bank for $4.28 million.