Mental Health Care Inc. buys Elizabeth Arms

BUYER: Mental Health Care Inc. (principals: Guy King III, Robert Choate, Andrew Cohen, Frank Perez Jr., Dave Hunter and Geoghagan Brenda), Tampa

SELLER: Prime Venture Realty Associates LLC

PROPERTY: 4115 Carnegie Court, Tampa

PRICE: $900,000

PREVIOUS PRICE: $2.5 million, December 2005

LAW FIRM ON DEED: Porges Hamlin Knowles & Prouty PA, Bradenton

PLANS, DESCRIPTION: Tampa-based Mental Health Care Inc. purchased the 55-unit Elizabeth Arms apartment complext for $900,000.

The price equated to $16,364 per unit.

Built in 1971, the six-building apartment development occupies a 3.03-acre site. The property was vacant at the time of the sale.

Similar to its recent acquisition of the 38-unit Holiday Oaks apartment complex, the non-profit acquired the apartment in a partnership with Crossland LLC and Tampa city government. The city supplied the funds to purchase and renovate the property with federal money through its Neighborhood Stabilization Program. Crossland LLC will renovate the property.

Both properties will be made available to low-income tenants.

“The city of Tampa was allocated neighborhood stabilization dollars to acquire foreclosed properties to develop rental housing opportunities,” says Joe Rutherford, CEO of Mental Health Care Inc. “As these properties are developed and open they will serve as a major of part of revitalizing those areas.”

Michael Regan and Francesco Carriera of Marcus & Millichap Real Estate Investment Services handled the transaction.