Real estate investment partnership buys Green Oaks Apartments

BUYER: Green Oaks Tampa LLC (Todd Ruderman), Miami Lakes
SELLER: Wisco LLC
PROPERTY: 3801 and 3802 W. Tyson Ave., 3801 and 3802 W. Wallace Ave., and 6815 and 6901 Interbay Blvd., Tampa
PRICE: $4.17 million
PREVIOUS PRICE: $2.35 million, March 2011
LAW FIRM ON DEED: Albert Salem & Associates PA, Tampa

PLANS, DESCRIPTION: A joint venture led by Miami area real estate investor/developer Todd Ruderman of Tarco Properties and Scott Davis of Jacksonville-based JBC Investment Group LLC purchased the Green Oaks Apartments in South Tampa for $4.17 million.

The price equated to $41,700 per unit.

The apartment development is made up of two groupings of four buildings each roughly a mile apart. The community features 46 units at the corner of West Tyson Avenue and South Dale Mabry Highway and another 54 units on Interbay Boulevard near Dale Mabry Highway.

Davis credits former owner Wisco LLC, led by Tampa area investor William Sultenfuss, with significantly improving the property and its performance. Over the past two years, the exterior of the apartment project has been improved with new roofs, paint, landscaping and parking lot improvements. The interiors of 70 of the units were also renovated with new cabinetry, fixtures, blinds, appliances, carpeting and tile flooring. It was 95% occupied at the time of the sale.

“We felt this gave us the opportunity not only to maintain a property with positive cash flow, but with the upside potential to continue the improvements on the remaining about 30 units,” Davis says. “This is a good property in an area that's been realizing excellent [occupancy and rental rate] gains.”

Purchase entity Green Oaks Tampa LLC mortgaged the property to American National Bank for $3.36 million.