Firm buys 400-unit complex for $29.5M

Sarasota-based multifamily management firm Insula Cos., which has acquired and revitalized apartment communities since 2009, has made its largest purchase ever: a $29.5 million acquisition of Harbour Walk Apartments in Tampa.

The deal for the 400-unit Harbour Walk complex is the ninth acquisition for Insula in 2015 and the 24th since the firm was founded, according to a release. The complex is across the street from Tampa Community Hospital, and Insula plans a $2.5 million makeover and rebranding campaign. Insula bought the complex from a private owner, the release adds.

“Adding Harbour Walk Apartments to our family of properties represents a benchmark achievement for Insula Companies,” firm President Fred Cochran says in the release.