Brother-sister investors buy Colony House Apartments

BUYER: Ray Joseph Enterprises Inc. (principals: Bryan Brezic and Cheryl Pippin), Hillsboro, Ore.
SELLER: Colony House of Tampa LLC
PROPERTY: 4332 W. North B St., Tampa
PRICE: $1.27 million
PREVIOUS PRICE: $550,000, March 1996
LAW FIRM ON DEED: Robert D. Barcley PA, St. Petersburg

PLANS, DESCRIPTION: Ray Joseph Enterprises Inc., a purchase entity led by Bryan Brezic of Bradenton and his sister Cheryl Pippin of Beaverton, Ore., purchased the 20-unit Colony House Apartments for $1.27 million.

The price equated to $63,250 per unit.

Built in 1965, the Colony House Apartments, located in Tampa's Westshore Business district, were renovated in 2007. The development contains eight one-bedroom/one-bath units and 12 two-bedroom/one-bath units. It includes a separate on-site laundry facility and off-street parking.

Casey Babb and Luis Baez in Marcus & Millichap's Tampa office represented the seller and Earle Hyman and Nicholas Meoli in the firm's Encino, Calif., and Tampa offices represented the buyer.

“Colony House was purchased by a 1031 exchange investor and the transaction went very smoothly after previously falling out of contract twice,” Babb says in a press release. “1031 exchange investors are back in the market in a big way, which is a very good sign since it means people are selling properties at substantial gains and need to buy replacement properties to defer taxes.”

The Business Observer was unable to contact the buyers for comment prior to deadline.

Ray Joseph Enterprises Inc. mortgaged the property to EverBank for $759,000.