KAIN Limited Partnership buys Via Del Rio apartment

BUYER: The KAIN Limited Partnership (principals: Harsch and Anita Khandelwal), Kitchener, Ontario, Canada

SELLER: Jotave Properties LLC

PROPERTY: 2301 E. Sligh Ave., Tampa

PRICE: $1.07 million

PREVIOUS PRICE: $1.92 million, May 2005

TITLE FIRM ON DEED: Brokers Title of Tampa LLC, Tampa

PLANS, DESCRIPTION: Ontario-based The KAIN Limited Partnership purchased the 40-unit Via Del Rio apartment development for $1.07 million.

The price equated to $26,625 per unit.

The 34,848-square-foot concrete complex features a laundry facility and a large courtyard with a swimming pool. All of its units have two bedrooms and two bathrooms.

The property was 87.5% occupied at the time of the sale, but five of its units needed to be fully remodeled before they could be rented.

According to Harsch Khandelwal, managing partner, KAIN plans to upgrade and enhance the landscaping, add modern signage and lighting and otherwise spruce up the exterior. He says vacant units will be upgraded with modern kitchens and bathrooms, appliances and flooring.

“The community will offer a high standard of apartment-community living in an area that presently has a significant shortage of class B apartment space,” Khandelwal says. “We fully anticipate that we will be able to maintain full occupancy given the quality of the community and the demand for a higher standard of living from the area demographic.”

The firm expects to buy more properties here over the next six months to a year.

The KAIN Limited Partnership is a closely held family-based Canadian partnership formed in early 2012. It invests in a mixture of single-family homes and small and mid-sized multifamily communities in Tampa Bay, Fort Lauderdale and surrounding areas. KAIN currently owns more than 100 residential units and more than 100,000 square feet of commercial (office and retail) space.

Home Encounter will manage the community for the new owner.