Intown Housing BV buys Bay Villa

BUYER: Intown Housing BV LLC (T. Truett and Stephen Gardner, Shirin Kanji, Russ Versaggi and Steven Gold), Tampa

SELLER: Bay Villa Soho LLC

PROPERTY: 1402 S. Bay Villa Place, Tampa

PRICE: $1.45 million

PREVIOUS PRICE: $2.02 million, May 2007

LAW FIRM ON DEED: Johnson Pope Bokor Ruppel & Burns LLP, Clearwater

PLANS, DESCRIPTION: Tampa developer/investment group Intown Housing LLC purchased the 24-unit Bay Villa apartments for $1.45 million.

The price equated to $60,417 per unit or a payoff ratio based on income (capitalization rate) of 10%. It was sold as a short sale.

The Hyde Park/South Howard three-building apartment complex was originally built in 1924. Nelson Steiner purchased it in 2007 for a condominium conversion. Only one the apartment's buildings was renovated.

The apartment complex was 100% occupied at the time of the sale, but currently has a single vacancy.

“Our intention is to bring the other two buildings up to the same level as that building and then to keep them as rentals,” says Truett Gardner, one of the partners in the new ownership. “One of the partners in the deal [Russ Versaggi] owns and manages several apartments. He previously owned Bay Villa. So he knows the property inside and out.”

Intown Housing has budgeted about $400,000 for the improvements.

The developer is comprised of a number of prominent Tampa real estate professionals. Versaggi is a developer and owner of numerous apartment complexes throughout Tampa. Another Intown Housing partner is Shirin Kanji, vice president of acquisitions for Tampa-based hotel operator/owner Impact Properties Inc. Steve and his son Truett Gardner are attorneys with the Tampa law firm of Gardner Brewer Martinez-Monfort and were also partners with Novare Development in the development of the Skypoint and Element condominiums.

Truett Gardner says Intown Housing plans to target quality rental properties that are considered too small for the national institutional buyers.