Canadian investor group buys Zephyrhills Townview Apartments

BUYER: Kraus Townview Apartments Limited Partnership (principals: Michael Weber and Nelson Kraus), Waterloo, Ontario
SELLER: Regal Properties Capital Inc.
PROPERTY: 38100, 38112, 38124, 38136, 38140, 38140, 38140, 38140, 38140, 38140, 38140, 38140, 38140, 38140 and 38140 Townview Ave., Zephyrhills
PRICE: $2.1 million
LAW FIRM ON DEED: Robert D. Barcley PA, St. Petersburg

PLANS, DESCRIPTION:
An Ontario investment group, led by Michael Weber and Nelson Kraus, purchased the 46-unit Townview Apartments for $2.1 million.

The price equated to $45,652 per unit. That figure is lower than the average price per square unit ($70,803) for multifamily space in the Tampa Bay area, according to the CoStar Group.

The Pasco County property features four two-story buildings on 2.83 acres of land. It has 18 one-bedroom/one-bath, 12 two-bedroom/one-bath and 16 larger two-bedroom/one-bathroom units. The concrete block and stucco development was built in four stages between 1986 and 1993. Amenities include laundry facilities in each building and a swimming pool.

Jason Hague, Michael Donaldson and Nicholas Meoli, all in Marcus & Millichap's Tampa office, represented the seller.

“By emphasizing the high historical occupancy level, positive physical attributes and desirable location next to a major hospital within the Zephyrhills submarket, we were able to attract a multitude of domestic and international buyers,” Hague says in a press release. “This has ultimately allowed us to close within 94% of the list price in one of the highest priced apartment trades in the submarket's recent history.”

The buyer, Kraus Townview Apartments Limited Partnership, mortgaged the property to TD Bank NA for $1.5 million.