BUYER: Oaks View Apartments RWA LLC (manager: Robert Wolf), Brooklyn, N.Y.
SELLER: Tropical Manor Investments Inc.
PROPERTY: 7508, 7514, 7519, 7522, 7531, 7536, 7541, 7603, 7633, 7700, 7705, 7708, 7711, 7717, 7718 and 7722 Highwater Drive and 3920, 3928, 3929 and 3923 Ripple Court,
New Port Richey
PRICE: $6.35 million
PREVIOUS PRICE: $7.98 million, March 2005
LAW FIRM ON DEED: Burr & Forman LLP, Tampa
Brooklyn, N.Y.-based Read Property Group LLC purchased the 152-unit Oaks View apartment complex for $6.35 million.
The price equated to $41,776 per unit. That figure is lower than the two-year average price per unit for multifamily space ($72,609) in the Tampa Bay area, according to the CoStar Group.
Built in 1985, the 133,040-square-foot development features 19 two-story residential buildings on a 13.34-acre parcel. The vast majority, 84%, of the units have two bedrooms and two bathrooms. Community amenities include a clubhouse, swimming pool, tennis and basketball courts, laundry facilities and a playground.
Michael Donaldson and Nicholas Meoli in Marcus & Millichap's Tampa office handled the transaction.
“It was 60% occupied in a 90% [occupied] market,” Donaldson says. “So it was significantly underperforming. Its main problem ultimately came down to an absentee owner that has struggled with the property. It did have some deferred maintenance that needed to be addressed as well.”
The buyer plans to renovate the property and units to increase its curb appeal. Donaldson says the renovations and management improvements could translate into as much as $100 in additional rent per unit each month.
Read Property Group owns several apartment properties nationwide, including the 234-unit Belmont Park apartments in Bradenton it purchased last year for $9.36 million.