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TAMPA — Investors Alan Soroory and Bobby Soroory sold Montierra Apartment Homes in Tampa for $6.6 million or $68,750 per unit.
Montierra Apartment Homes is a 96-unit, garden-style apartment community near University of South Florida. The property was built in 1970 and sits on over five acres of land. It has over 81,000 rentable square feet.
According to a press release, they invested over $1 million since acquisition of the property for repositioning.
“We acquired the asset at the bottom of the cycle in 2009,” says Bobby Soroory in a statement. “At the time, the asset was more than 50% vacant and required significant capital expenditures throughout the property. Our repositioning program was able to bring the asset's performance back to it's full potential and subsequently create significant cash flows through our hands-on management approach.”
Also in the statement, Alan Soroory says they look forward to continuing to invest capital into other real estate assets in the Tampa Bay area.
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