Two Tampa apartment buildings sell for $10.23 million

BUYER: Wisco 7 LLC (principal: William Sultenfuss II), Tampa
SELLER: Riverbrook Acquisition Ltd.
PROPERTY: 4111 Poplar Ave., Tampa
PRICE: $5.74 million
PREVIOUS PRICE: $10.3 million, May 2006

SELLER: Horizon Acquisition Ltd.
PROPERTY: 4900 N. MacDill Ave., Tampa
PRICE: $4.48 million
PREVIOUS PRICE: $6.2 million, May 2006
LAW FIRM ON DEED: Arnstein & Lehr LLP, Miami

PLANS, DESCRIPTION:
Tampa multifamily investor WISCO Holdings Inc. purchased two Tampa apartment buildings for $10.23 million.

The price equated to $35,017 per unit. That figure is below the average price per multifamily unit ($70,803) in the Tampa Bay area, according to the CoStar Group.

The purchase included the acquisition of 164-unit Newport Riverside for $5.74 million and the 128-unit Newport Pointe for $4.48 million.

The 15-building Newport Riverside, built in 1968, is located at 4111 N. Poplar Ave. on 7.48 acres. It contains a laundry facility, clubhouse, fitness center, carports and a swimming pool with a sun deck. Its one- and two-bedroom units are rented for an average of $609 per month.

Built in 1974, Newport Pointe features five buildings on a 5.11-acre site. The development features one- and two-bedroom units that it rents out for an average of $568 per month. Amenities include a playground, sports court, clubhouse, laundry facility and a swimming pool with a sun deck.

Jason Stanton in the Tampa office of Hendricks-Berkadia and Cole Whitaker and Hal Warren in the company's Orlando office represented the seller Monument Real Estate Services LLC of Coral Gables.

Stanton says the new owner plans a value-add program for both of the communities to increase the overall quality of the units and the communities' curb appeal with the goal of increasing occupancy and future revenue.

WISCO Holdings, led by William Sultenfuss II, is well known as a buyer and developer of apartment properties primarily in the Tampa Bay area.