Louisiana investor group buys North Chase Villas complex

BUYER: North Chase Tampa LLC (principal: Richard Paul Beaullieu), Lafayette, La.

SELLER: Blue Valley Apartments Inc.

PROPERTY: 1505 and 1511 E. 131st Ave., Tampa

PRICE: $2.08 million

PREVIOUS PRICE: $900,000, February 2006 and $290,057, September 2005

LAW FIRM ON DEED: Weisman & Margolies PA, Boca Raton

PLANS, DESCRIPTION: An investor group headed by Richard Beaullieu of Lafayette, La., has struck again. After buying the 232 Puritan Place Apartments in Tampa for $4.06 million, the same group has purchased the 72-unit North Chase Villas Apartments for $2.08 million.

The price equated to $28,819 per unit.

The first phase of the development, 24 units, was originally built in the mid-'70s and was fully renovated in 2008. The second phase of the complex was built in 2008. The center was 65% occupied at the time the sale closed.

Darron Kattan, Bob Goldfinger and Kevin Kelleher of Franklin Street handled the transaction.

“It's in a very low-income area,” Kattan says. “Most of the work it is going to need is on the management side. It was a foreclosed property.”

North Chase is the investor group's fifth purchase in Central Florida. Along with Puritan Place, it owns a number of fractured condominium units in the Heritage at Temple Terrace and Woodridge at Carrollwood in Tampa and the Millennium Pointe Apartments in Orlando.

The purchase entity North Chase Tampa LLC mortgaged the property to TRI Parish Bank for $1.71 million.