Aventura investors buy Beacon Isles Apartments

BUYER: Beacon Isles LLC (principals: Luis Delgado and Erwin Sredni), Aventura
SELLER: Related Isles Apartments LLC and CAM Isles Apartments LLC
PROPERTY: 6158 Beacon Isles Drive also known as 6202 Sheldon, Tampa
PRICE: $29.9 million
PREVIOUS PRICE: $2.44 million, May 2011 (25% interest) and $33.79 million, November 2007
LAW FIRM ON DEED: Foley & Lardner LLP, Tampa

PLANS, DESCRIPTION:Beacon Isles LLC, an Aventura investment group led by Luis Delgado and Erwin Sredni, purchased the 484-unit Beacon Isles Apartments for $29.9 million.

The price equated to $61,723 per unit. That figure is lower than the average price per unit for multifamily space ($70,803) in the Tampa Bay area, according to the CoStar Group.

Located in the Town 'n' Country area of Tampa, the 31-building apartment development occupies a 27.11-acre site. The 354,946-square-foot apartment complex, formerly known as Camden Isles, was built in 1983. Units average 723 square feet.

Community amenities include a swimming pool, business and fitness centers, laundry facilities, picnic area, tennis and sports courts and a car wash.

The property last sold in November 2007 for $33.79 million. In May 2010, Fannie Mae foreclosed on the property. After passing ownership of the apartment complex through several related companies, Fannie Mae sold a 25% interest in the property to Related Isles Apartments LLC, an affiliate of The Related Cos. LP in May 2011.

Beacon Isles LLC mortgaged the property to JPMorgan Chase Bank NA for $22.41 million.