Louisiana multifamily buyer acquires Timberfalls Apartments

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

SELLER: E.T. Timber Falls Inc.

PROPERTY: 2600 E. 113th Ave., Tampa

PRICE: $2.75 million

PREVIOUS PRICE: $3.65 million, February 1998

LAW FIRM ON DEED: Richard D. Saba PA, Sarasota

PLANS, DESCRIPTION: Richard Beaullieu has purchased another Tampa area multifamily property. The active Lafayette, La., investor purchased the 184-unit Timberfalls Apartments for $2.75 million.

The price equated to $14,946 per unit.

Built in 1973, the 140,880-square-foot apartment complex contained 24 two-story residential buildings, a clubhouse and leasing center. It features 92 one-bedroom apartments and another 92 two-bedroom, one-bathroom units. Units in the development contain an average of 765 square feet of living space. Amenities include a swimming pool, sundeck and two laundry facilities.

Evan Kristol and Still Hunter III of Marcus & Millichap's Fort Lauderdale office handled the transaction.

“The community was roughly 45% vacant,” Kristol says. “It needed some roofing work. It looked a little tired and interiors of many of the units need to be renovated. Sixty of the units need appliances, carpet and tile. Twenty of the units needed new air handlers and condensers.”

The purchase entity Timber Falls Tampa LLC mortgaged the property to Community First Bank for $2.61 million.

Beaullieu's companies recently purchased the 228-unt Rivertree Landing Apartments in Tampa for $5.27 million. They also own another seven nearby apartments and fractured condominium developments, including the 70-unit Armenia Village Condominiums, 72-unit North Chase Villas Apartments and 232-unit Puritan Place Apartments.