Investment group buys Newport Square

BUYER: Park Pointe Apartments LLC (principal: Albert Salem III), Tampa
SELLER: Ashley Acquisition Ltd.
PROPERTY: 5505 N. Himes Ave., Tampa
PRICE: $8.93 million
PREVIOUS PRICE: $12.3 million, May 2006
LAW FIRM ON DEED: Arnstein & Lehr LLP, Miami

PLANS, DESCRIPTION:
Tampa attorney Albert Salem III is leading an investment group that purchased the 188-unit Newport Square apartment for $8.93 million.

The price equated to $47,473 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.

Built in 1970, the 208,344-square-foot Newport Square features 11 buildings on a 9.45-acre site off North Himes Avenue. Its units range from one to three bedrooms and average 1,181 square feet and $782 per month in rent. Amenities included a playground, clubhouse, laundry facility, wading pool and swimming pool with a sun deck.

At the time of its sale, the apartment's occupancy was in the mid-90% range.

The apartment was the last of three properties sold in portfolio to different buyers. The total portfolio consisted of 480 units and sold for $19.15 million.

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

Stanton said the new owner plans to do some value-add improvements to increase the overall quality of the units and the community's curb appeal.

The purchase entity, Park Pointe Apartments LLC, mortgaged the property to Stonegate Bank for $7.14 million.