Oak Creek investors buy Garden Isles Apartments

BUYER: Garden Isles Tampa Apartments LLC (Garden Isles Management Inc.), Calabasas, Calif.
SELLER: 6919 RP Associates LLC
PROPERTY: 6919 Bonair Drive, Tampa
PRICE: $12.36 million
PREVIOUS PRICE: $15.8 million, September 2005
LAW FIRM ON DEED: Gibbons Neumann Bello Segall Allen & Halloran PA, Tampa

PLANS, DESCRIPTION:
A Los Angeles area investor group, led by Chaim Freeman of B.F. Management, purchased the 300-unit Garden Isles Apartments for $12.36 million.

The price equated to $41,200 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 near the University of South Florida campus and the Adventure Island water park, the more than 16-acre site features 12 two-story buildings, seven three-story buildings and a standalone fitness center. The 43-year-old gated apartment has 146 one-bedroom/one-bath, 137 two-bedroom/one-bath and 17 two-bedroom/two-bath units. Amenities include 12 laundry facilities, a car wash station, playground, dog walking area and two swimming pools.

At the time of the sale, 156 unit interiors had been updated with either ceramic tile floors or laminate wood floors and new white kitchen appliances. Some of the units also received new cabinetry in the kitchens and the bathrooms.

Francesco Carriera and Michael Regan of Marcus & Millichap's Tampa office handled the transaction.

“Garden Isles Apartments provides the new owner with an excellent opportunity for revenue enhancement through the continuation of the renovation program,” Regan says in a press release.

A similar California company also purchased the 184-unit Apartments at Oak Creek in Clearwater for $13.4 million or $72,826 per unit.

The purchase entity, Garden Isles Tampa Apartments LLC, mortgaged the property to Arbor Realty Arbor Realty SR Inc. for $9.23 million.