Boise, Idaho, investor buys Lake Tarpon Apartments

BUYER: 30 Liberty LLC (principal: Lisa Galane), Boise, Idaho
SELLER: Nakomis Enterprises LLC

PROPERTY: 30 Liberty Way, Palm Harbor
PRICE: $2.35 million
PREVIOUS PRICE: $2.55 million, March 2007
ATTORNEY ON DEED: Roland D. Waller, Esq. New Port Richey

PLANS, DESCRIPTION: Boise, Idaho, investor Lisa Galane purchased the 40-unit Lake Tarpon Apartments in northwestern Pinellas County for $2.35 million.

The price equated to $58,750 per unit.

Built in 1970, the two-building garden-style development is located within a 55-plus deed restricted subdivision of Lake Tarpon. The property features eight two-bedroom/two-bathroom, 18 two-bedroom/1.5-bathroom and 14 one-bedroom/two-bathroom units. Residents also have access to the shared amenities within the Lake Tarpon subdivision, including a swimming pool, clubhouse, shuffleboard courts and boat docks on Lake Tarpon. The apartment had a single vacant unit, creating a vacancy rate of 2.5%.

Jad Richa and Enon Winkler of Sperry Van Ness Florida represented the seller, a local private investor operating as Nakomis Enterprises LLC.

“It was an older property, but it was in very good condition,” Richa says. “It was purchased for the strong cash flow.”

The purchase price equated to a payoff ratio based on current income of about 8%.