Tampa investors buy Royal Sun Park

BUYER: Leelevi LLC (principals: Samuel and Marvin Smith), Tampa
SELLER: CVK Investments Inc.
PROPERTY: 312 E. 124th Ave., Tampa
PRICE: $2.35 million
PREVIOUS PRICE: $2.15 million, December 2004
LAW FIRM ON DEED: Neil S. Schecht PA, Tampa

PLANS, DESCRIPTION: Samuel and Marvin Smith of Tampa purchased the real estate of the 25-unit Royal Sun Park senior housing facility for $2.35 million.

The price equated to $94,040 per unit. That figure is more than the average price per unit for multifamily space ($70,803) in the Tampa Bay area, according to the CoStar Group.

Built in 2003, the 14,866-square-foot assisted-living development features 50 beds for patients needing memory-care assistance.

Krone Weidler, associate vice president of investment in Marcus & Millichap's Tampa office and a partner in the sale, handled the transaction.

The purchase price for the real estate equated to payoff ratio based on income (capitalization rate) of 11.91%. The new owner paid an additional $624,000 for the business operations and incidentals.

“The asset was repositioned as a stand-alone memory care community in 2011 and catered to a private pay population,” Weidler says in a press release.