Sarasota's Insula Cos. buys Park East Apartments

BUYER: FL Park East LLC (managers: Fred Cochran and Lawrence Fox), Sarasota
SELLER: AP MCD Ashton Park LLC
PROPERTY: 14609 Banyan Bluff Drive, Tampa
PRICE: $12.4 million
PREVIOUS PRICE: $11.08 million, October 2011
LAW FIRM ON DEED: Locke Lord LLP, Dallas

PLANS, DESCRIPTION:
Insula Cos. purchased the 192-unit Park East Apartments for $12.4 million.

The price equated to $64,583 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.

“It's in a great location in Tampa in one of our targeted areas for acquisitions,” says Fred Cochran, Insula Cos.' managing partner. “The St. Moritz [Apartments] we bought in April is near this, which helps with efficiencies. It was in great condition; the seller had renovated the property. It was a clean and well-run apartment complex.”

The gated apartment complex was 95% occupied at the time of the sale. Amenities include a laundry center, swimming pool, bark park, billiard room, fitness center and indoor basketball court.

The purchase price equated to a payoff ratio based on income (capitalization rate) of 95%.

The purchase entity, FL Park East LLC, mortgaged the property to CBRE Capital Markets Inc. for $9.92 million.