Southport Financial Services buys apartment complex

BUYER: SP Johnson Kenneth Court LP (principals: J. David Page and Peter Leach), Clearwater

SELLER: Johnson Court Apartments LLC (parcels I and III) and Kenneth Court Apartments LLC (parcels II and III)

PROPERTY: 4203 Kenneth Court and 5711 Troy Court, Tampa

PRICE: $8.8 million

PREVIOUS PRICE: $3.85 million, May 2005

LAW FIRM ON DEED: Pepple Johnson Cantu & Schmidt PLLC, Clearwater

PLANS, DESCRIPTION: Clearwater-based Southport Financial Services purchased the 200-unit Johnson and Kenneth Court Apartments for $8.8 million.

The price equated to $44,000 per unit or $54.69 per square foot.

The property is covered by a Section 8 affordable housing contract with the United States Department of Housing and Urban Development.

The buyer financed the deal with low-income housing tax credits.

Darron Kattan, Robert Goldfinger and Kevin Kelleher of Franklin Street Real Estate Services handled the transaction.

“The transaction was extremely complex, with many layers of financing, including some stimulus monies,” Kattan says in a press release.

“The property will be undergoing a significant renovation, essentially being re-built,” Kattan said. “The renovation budget will most likely meet or exceed the actual purchase price.”

The units average 801 square feet, according to the real estate research firm CoStar Group.