Louisiana investor group buys Armenia Village

BUYER: Armenia Tampa LLC (principal: Richard Paul Beaullieu), Lafayette, La.

SELLER: Charleston Corners LLC

PROPERTY: 8801 Crestview Drive, Tampa

PRICE: $2.05 million

PREVIOUS PRICE: $10 million, December 2005 (included additional property)

LAW FIRM ON DEED: Greenspoon Marder PA, Fort Lauderdale

PLANS, DESCRIPTION: An investor group headed by Richard Beaullieu of Lafayette, La., purchased the 70-unit Armenia Village Condominiums for $2.05 million.

The price equated to $29,286 per unit, or $34 per square foot.

Built in 1985, the class B condominium community features a mixture of one-bedroom/one-bath and two-bedroom/one-bath units averaging 851 square feet. The rental property, which includes a pool and clubhouse, was described as well kept and fully stabilized. It was renovated in 2006.

Casey Babb and Luis Baez of Marcus & Millichap's Tampa office represented the seller and Still Hunter III and Evan Kristol of the National Multi Housing Group in Marcus & Millichap's Fort Lauderdale office represented the buyer.

“In the current marketplace, competition for certain multifamily assets is causing buyers to conduct their physical due diligence on the front end, which was the case for Armenia Village,” Babb says in a press release. “The buyer submitted a non-contingent offer and closed in under 40 days, subject only to receiving clean title.”

Armenia Village Condominium is the firm's sixth acquisition in the Tampa area. Its other holdings include a number of fractured condominium units in the Heritage at Temple Terrace and Woodridge at Carrollwood in Tampa and the Millennium Pointe Apartments in Orlando.

The purchase entity Armenia Tampa LLC mortgaged the property to Consolidated Properties Holding Co. LLC for $1.69 million.