Group of Los Angeles investors buys Apartments at Oak Creek

BUYER: Oak Creek Apartments Clearwater LLC (principal: Chaim Freeman), Los Angeles
SELLER: Apartments at Oak Creek LLC
PROPERTY: 2175 62nd St. N., Clearwater
PRICE: $13.4 million
PREVIOUS PRICE: $8.8 million, April 2012
LAW FIRM ON DEED: Foley & Lardner LLP, Tampa

PLANS, DESCRIPTION:
A Los Angeles area investor group, led by Chaim Freeman of B.F. Management, purchased the 184-unit Apartments at Oak Creek in Clearwater for $13.4 million.

The price equated to $72,826 per unit. That figure is near the average price per unit ($70,803) for multifamily in the Tampa Bay area, according to the CoStar Group.

The 165,600-square-foot garden-style apartment features 17 buildings across an 11.23-acre heavily wooded site. All of its units have two bedrooms/two bathrooms and an average of 900 square feet of living space. The community's amenities include laundry facilities, a barbecue/picnic area and swimming pool. Its exterior and interior units and clubhouse were rehabbed and upgraded recently by a prior owner.

Freeman says the property is stable, running at a roughly 99% occupancy at the time of the sale.

“We believe this is a good market for us and should give us a very strong yield,” he says. “We do plan to make some improvements to the common areas. We are hoping to put in a fitness center and business center.”

The new ownership will be self-managing the property.

B.F. Management buys and operates real estate properties.

The California investment group also recently purchased the 300-unit Garden Isles Apartments in Tampa for $12.36 million.

The purchase entity, Oak Creek Apartments Clearwater LLC, mortgaged the apartment to CBRE Capital Markets Inc. for $10.4 million.