Ontario real estate investors buy under-performing Monaco Villas

BUYER: The Kain Limited Partnership (principals: Harsch and Anita Khandelwal), Ontario, Canada
SELLER: Monaco Villas Ltd.
PROPERTY: 14323 Lucerne Drive and 1501 Skipper Road, Tampa
PRICE: $1.75 million
PREVIOUS PRICE: $708,600, August 1990
LAW FIRM ON DEED: Robert L. Barnes Jr. PL, Tampa

PLANS, DESCRIPTION: Harsch and Anita Khandelwal of Kitchener, Ontario, Canada purchased the 106-unit Monaco Villas apartment community for $1.75 million.

The price equated to $16,509 per unit.

Built in 1973 and 1974, the gated community contains a mixture of one- and two-bedroom townhomes and flats on a 5.53-acre site. Amenities include a leasing office, swimming pool, laundry facility and tennis court.

Casey Babb and Luis Baez in Marcus & Millichap's Tampa office represented the seller, an Ohio-based partnership.

The community was only 18% occupied at the time of the sale in a market that averages more than 90%.

“However, the investor market viewed this as an opportunity, as evidenced by the 16 written offers we received,” Babb says in a press release. “Distressed multifamily opportunities are few and far between but remain one of the most attractive for most investors.”

The sale also included an acre of land on Skipper Road used for a landscaping business that was proposed as a possible entry feature.