Metis Property Group buys Oak Haven Apartments

BUYER: Metis Oakhaven LLC (principal: Bryan Zinober), Tampa
SELLER: RSG Family Limited Partnership-Immokalee
PROPERTY: 580 Oakhaven Circle, Immokalee
PRICE: $5.3 million
PREVIOUS PRICE: $3.9 million, December 2005
LAW FIRM ON DEED: Hill Ward Henderson, Tampa

PLANS, DESCRIPTION:
Tampa's Metis Property Group purchased the 160-unit Oak Haven Apartments for $5.3 million.

The price equated to $33,125 per unit. That figure is lower than the average price per unit ($70,191) for multifamily space in Southwest Florida, according to the CoStar Group.

Built in 1993, the apartment occupies a 10.29-acre parcel. It was roughly 95% occupied at the time of the sale. According to the CoStar Group, units in the development average 847 square feet.

Metis Property Group acquired the property in a two-property portfolio with the Oakwood Village Apartments in Palmetto.

Darron Kattan, Bob Goldfinger, Kevin Kelleher and Zach Ames of Franklin Street handled the transaction. Franklin Street Management also manages both properties.

The purchase entity, Metis Oakhaven LLC, mortgaged the property to USAmeriBank for $3.1 million.