Avesta Homes parent buys five apartments

BUYER: Integritas Assets LLC, St. Petersburg

SELLER: City National Bank

PROPERTY: 2016 E. 131st Ave., 13609-13613 N. 20th St., 13802 N. 21st St. and 11740 N. 15th St., Tampa

PRICE: $1.4 million

PREVIOUS PRICE: $3.5 million, July 2007

TITLE FIRM ON DEED: Fidelity National Title Insurance Co., Tampa

PLANS, DESCRIPTION: Multifamily firm Integritas Assets LLC, which operates as Avesta Homes LLC, purchased five apartment communities with a total of 106 units in Tampa for $1.4 million.

The price equated to $13,207 per unit and $22.51 per square foot.

City National Bank sold the St. Petersburg firm the Bent Tree, Villa Seville, Towering Pines, Holly Court and Julie Court apartments. The lender foreclosed on the properties in June.

The five properties were built from 1969 to 1973.

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

Kelleher says the occupancy for the properties was roughly 50%.

“This portfolio of smaller multifamily properties was highly distressed at the time of sale,” he says in a press release. “Each building will require capital expenditure. That said, the buyer is experienced in turning around distressed apartments in low income areas and plans immediate renovations to stabilize the properties.”

Kelleher says in general the supply of REO apartments has fallen since the peak in mid-2010.

“Demand is far outpacing supply and price increases are being realized throughout Florida,” he says in a press release. “Buyers who previously bought distressed deals and stabilized them have begun to realize the coveted value-add opportunity.”

Integritas Assets recently purchased the 132-unit Marbella Apartments in Tampa for $2.05 million, equal to $15,530 per unit, and the mortgage note on the 48-unit Palma Sur Apartments in Tampa in a separate transaction.