Grand Cayman investor group buys Las Villas Apartments

BUYER: Barons Las Villas LLC (Barons Investment Ltd.), Tampa

SELLER: Southern Shores Enterprises LLC

PROPERTY: 1503 E. 142nd Ave., Tampa

PRICE: $1.28 million

PREVIOUS PRICE: $850,000, December 2010

TITLE FIRM ON DEED: Alpha-Omega Title Services Inc., Tampa

PLANS, DESCRIPTION: An affiliate of Grand Cayman Island's Barons Investment Ltd. purchased the 61-unit Las Villas Apartments for $1.28 million.

The price equated to $20,984 per unit.

The 38,620-square-foot development features five concrete-block, two-story buildings. Built in 1974, the apartment complex features all 630-square-foot, one-bedroom units.

The sale marked a quick turn around for the property and the growing clamor in the investment community for multifamily real estate. After a foreclosure in early 2010, Canadian investment group Southern Shores Enterprises LLC purchased the 50%-occupied apartment complex in late 2010 for $850,000 ($13,934 per unit or $22 per square foot.)

The Business Review was unable to contact the new owner prior to deadline.