BUYER: Invest PI LLC (principal: Manuel Rebecchi), Sarasota
SELLER: LSREF2 Apex FL LLC
PROPERTY: 110 Gornto Lake Road, Brandon
PREVIOUS PRICE: $635,000, October 1999
LAW FIRM ON DEED: Hunton & Williams LLP, Dallas
PLANS, DESCRIPTION: An investor group led by the owner of Cirque Italia Manuel Rebecchi purchased the 26-unit Lakeside Village apartment for $936,000.
The price equated to $36,000 per unit or $57.25 per square foot. That figure is less than the average price per unit for multifamily space ($70,803) in the Tampa Bay area, according to the CoStar Group.
Built in 1968 and 1986, the 16,350-square-foot, two-story Brandon apartment occupies 2.29 acres. Units average 628 square feet. The 10 concrete-block buildings consist of 18 one-bedroom/one bathroom units and eight two-bedroom/one-bathroom units.
It was 20% occupied at the time of sale.
Kevin Kelleher, Darron Kattan, Bob Goldfinger and Zach Ames of Franklin Street represented the seller, an out-of-state lender. Franklin Street says the buyer was made up of local owners and international investors. It was represented by Brad Hodge of Bay Vision Realty.
The buyer plans to rehab and reposition the property.