South America buyer acquires Lexington Court apartments

BUYER: Max Worldwide Industries LLC (managers: Eduviges and Antonio Callejas), Miami
SELLER: 11738 14th LLC
PROPERTY: 11738 N. 14th St., Tampa
PRICE: $1.3 million
PREVIOUS PRICE: $600,000, March 2012
LAW FIRM ON DEED: Johnson Pope Bokor Ruppel & Burns LLP, St. Petersburg

PLANS, DESCRIPTION:
An investor from South America purchased the Lexington Court apartments for $1.3 million in cash.

The price equated to $30,952 per unit ($52.01 per square foot). That figure is lower than the average price per square foot for multifamily space ($70,803) in the Tampa Bay area, according to the CoStar Group.

Located near Veterans Memorial Hospital, Busch Gardens, and University Mall, the property consists of 21 concrete block duplexes on a 2.46-acre parcel. There are 29 one-bedroom/one-bathroom units with 525 square feet, 12 two-bedroom/one-bathroom units at 750 square feet and one two-bedroom/one-and-half bathroom units at 770 square feet.

The development was 100% occupied at the time of the sale.

Kevin Kelleher, Darron Kattan, Robert Goldfinger, and Zach Ames, all of Franklin Street represented the seller, growing Tampa apartment company Avesta Communities. Ricardo Zambrano with Keller Williams Commercial's Miami office represented the buyer.

“Avesta Communities acquired the property for $600,000 back in April of 2012,” Kelleher says in a press release. “Throughout the last few years, they have significantly renovated the property and stabilized its operations. Through these efforts, they were able to sell the property for more than twice their purchase price and realized a significant return on investment.”

Avesta improved the landscaping, painted the exterior, made roof and gutter repairs and interior upgrades.

The same South American investor previously purchased the 260-unit River Oaks apartments in Tampa now called The Apartments of River Oaks.