Two parcels of Brittany Apartments sell for $10.35M

BUYER: Brittany Apartments LLC (principal: Benjamin Mallah), Largo
SELLER: Brittany Associates Ltd.
PROPERTY: 4000-4058 Winkler Ave., Fort Myers
PRICE: $6.73 million

BUYER: Brittany Apartments II LLC (principal: Benjamin Mallah), Largo
SELLER: Brittany Associates II Ltd.
PROPERTY: 4008-4024 Winkler Ave., Fort Myers
PRICE: $3.62 million

PREVIOUS PRICE: $1.05 million, January 1997

LAW FIRM ON DEED: Squire Sanders (US) LLP, Tampa

PLANS, DESCRIPTION: Prominent Largo apartment owner Ben Mallah purchased two parcels of the 320-unit The Brittany Apartments for a total of $10.35 million.

The price equated to $32,344 per unit.

The garden-style development is covered under the federal low-income housing tax credit program, which caps the rent that can be charged and imposes an income-restriction on potential tenants. The property features a pool, fitness center, clubhouse, playgrounds, basketball courts and laundry facilities. It was built in 1999 and 2001 and occupies an 18.74-acre site.

It was 80% occupied at the time of the sale.
Jonathan Richards, of CRE Consultants LLC, who had marketed the property but did not handle the sale, said the sale reflected the current market for the property. He expects the buyer will see better returns as the economy and operations improve and the occupancy increases.

“It was in pretty good shape,” he says. “It's block construction, which is unusual for tax credit properties. There was only minor deferred maintenance.”

Mallah, who has become more active in Southwest Florida recently, owns a number of apartments in the Tampa Bay area, including the 144-unit Gateway Apartments in St. Petersburg. He previously purchased the 244-unit The Park at Barrington in Tampa, Pelican Walk Plaza in Clearwater for $9.5 million and the 62-room Hi Seas Motel in Clearwater for $2.5 million.