Tampa apartment investor buys Interbay's Green Oaks

BUYER: WISCO LLC (principal: William Sultenfuss II), Tampa

SELLER: SCB Florida Tabarin Return LLC

PROPERTY: 6815 Interbay Blvd., Tampa

PRICE: $2.35 million

PREVIOUS PRICE: $5.37 million, July 2006

LAW FIRM ON DEED: Arnstein & Lehr LLP, Tampa

PLANS, DESCRIPTION: Tampa-area investor William Sultenfuss purchased the 100-unit Green Oaks Apartments for $2.35 million.

The price equated to $23,500 per unit.

The previously lender-owned property features 68 one-bedroom units and 32 two-bedroom units.

The property was 75% occupied at the time of the sale.

The NAI Tampa Bay Troubled Asset Optimization team represented the buyer and Doyle & MacGrath Real Estate represented the seller, Dickenson Financial Corp.

The property had some deferred maintenance, according to lead broker John Burpee, president of NAI Tampa Bay.

“It will take $75,000 to $100,000 to address those issues,” he says. “It's a C-class asset. It was bought by an all-cash buyer.”

Sultenfuss owns the several-building Davis Island Apartments in Tampa and previously owned the Baywater Apartments on Waters Avenue. Sultenfuss sold the 176-unit Baywater Apartments in January for $8.75 million.

The Business Review was unable to contact Sultenfuss prior to deadline.