Sarasota firm rescues Pasco apartments

PORT RICHEY — A Sarasota multifamily management company has picked up two new apartment complexes in Pasco County from a Texas-based nonprofit.

Two companies affiliated with Insula Properties purchased the 136-unit Rivermill Apartments at 12429 Little Road in Hudson, and the 92-unit Village Square Apartments at 7220 Tudor Lane in Port Richey, for $9.2 million, or $40,350 per unit. The complexes had been owned by American Opportunity for Housing, a San Antonio, Texas group focused on affordable multifamily housing, according to its website.

The two properties had been in the middle of foreclosure proceedings since last December, and sold just above the $8.8 million American Opportunity paid for them in 2003.