St. Pete's Integritas Assets buys Marbella Apartments

BUYER: TMF5 LLC (Integritas Assets LLC), St. Petersburg

SELLER: Marbella Partnership

PROPERTY: 12406 N. 15th St., Tampa

PRICE: $2.05 million

PREVIOUS PRICE: $2.06 million, June 1993

LAW FIRM ON DEED: Bricklemyer Smolker & Bolves PA, Tampa

PLANS, DESCRIPTION: St. Petersburg-based multifamily investor Integritas Assets LLC purchased the 132-unit Marbella Apartments for $2.05 million.

The price equated to $15,530 per unit.

Built in 1977, Marbella includes 96 one-bedroom apartments and 36 two-bedroom units.

Michael Regan, Francesco Carriera and Nicholas Meoli of Marcus & Millichap's Tampa office handled the transaction.

“The occupancy was about 80% at the time of the sale,” Meoli says. “Two roofs needed to be replaced, and four of the units were down and needed to be gutted and rehabbed. It definitely was more of a value-add opportunity.”

The purchase entity TMF5 LLC mortgaged the property in the University Square market to the former owner, Marbella Partnership, for $1.03 million.