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TAMPA — Beacon Isles LLC, an Aventura investment entity led by Luis Delgado and Erwin Sredni, purchased the 484-unit Beacon Isles Apartments for $29.9 million.
The price equated to $61,723 per unit. That figure is lower than the average price per unit for multifamily space ($70,803) in the Tampa Bay area, according to the CoStar Group.
Located in the Town 'N' Country area at 6202 Sheldon, Tampa, the 31-building apartment development occupies a 27.11-acre site. The 354,946-square-foot apartment complex, formerly known as Camden Isles, was built in 1983. Units average 723 square feet.
Community amenities include a swimming pool, business and fitness centers, laundry facilities, picnic area, tennis and sports courts and car wash.
The property last sold in November 2007 for $33.79 million. In May of 2010, Fannie Mae foreclosed on the property. After passing ownership of the apartment complex through several related companies, in May 2011, Fannie Mae sold a 25% interest in the property to Related Isles Apartments LLC, an affiliate of The Related Cos. LP.
Beacon Isles LLC mortgaged the property to JPMorgan Chase Bank NA for $22.41 million.
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