Oak Creek apartments sell for $8.8 million

BUYER: Apartments At Oak Creek LLC, Clearwater

SELLER: Wisco I LLC

PROPERTY: 2175 62nd St. N., Clearwater

PRICE: $8.8 million

PREVIOUS PRICE: $6.99 million, December 2008

LAW FIRM ON DEED: Albert Salem & Associates PA, Tampa

PLANS, DESCRIPTION: An undisclosed private investor, using the identity of Apartments At Oak Creek LLC, purchased the 184-unit The Apartments At Oak Creek development for $8.8 million.

The price equated to $47,826 per unit.

Built in 1984, the 165,600-square-foot multifamily property features 17 two-story buildings. All of the units have two bedrooms, two bathrooms and 900 square feet of rentable space. Amenities include three laundry facilities, a playground and a swimming pool.

Michael Regan and Francesco Carriera of Marcus & Millichap's Tampa office handled the transaction.

“This transaction represents why we are back to some level of normalcy in multifamily commercial real estate,” Carriera says in a press release. “This property underwent a significant renovation over the last couple of years and was stabilized at 96% occupancy at the time of sale. The buyer was a private entity and this was their first multifamily acquisition. They were able to receive financing in the amount of 80% LTV [loan to value] with favorable rate and terms.”

Bryn Merrey, vice president and regional manager of Marcus & Millichap's Tampa office, says the brokerage's rental survey indicated the new owner could boost rents from an average of $695 to $725 per unit.

Apartments At Oak Creek LLC mortgaged the property to Everbank for $7.04 million.