Miami firm buys four local apartments

GULF COAST -- Miami-based Tzadik Management purchased three apartments in Tampa and one in Sarasota for a total of $23.22 million.

The firm purchased the 264-unit Bella Mar in two deeds for a combined $8.64 million, the 160-unit Del Rio for $6.45 million, 120-unit Lago Bello for $4.23 million and the 119-unit North Washington in Sarasota for $3.9 million.
The combined price equated to $35,023 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.

The four properties were part of a 14-apartment portfolio, Tzadik Management acquired from Avesta Communities LLC for $81.36 million or $37,000 per unit. The portfolio contained 2,199 units in Tampa, Sarasota, Lakeland, Orlando and Jacksonville.