Tampa's Metis Property Group buys Oakwood Village Apartments

BUYER: Metis Oakwood LLC (principal: Bryan Zinober), Tampa
SELLER: Oakwood Palmetto LLC
PROPERTY: 900 E. 21st, various units, Palmetto
PRICE: $1.2 million
PREVIOUS PRICE: $2.23 million, July 2000

LAW FIRM ON DEED: Hill Ward Henderson, Tampa

PLANS, DESCRIPTION:
Metis Property Group purchased the 120-unit Oakwood Village Apartments in Palmetto for $1.2 million.

The price equated to $10,000 per unit. That figure is lower than the average price per unit ($70,803) for multifamily space in the Tampa Bay area, according to the CoStar Group.

The 33-year-old apartment occupies 11 acres north of 21st Street East and east of Tamiami Trail. Amenities include a laundry facility and a playground. It was 95% occupied at the time of the sale.
Metis Property Group acquired the development in a two-property portfolio with the Oak Haven Apartments in Immokalee.

Darron Kattan, Bob Goldfinger, Kevin Kelleher and Zach Ames of Franklin Street handled the transaction. Franklin Street Management manages both properties and will continue to handle them under the new owner.

“We've been working on it for years,” Kattan says. “Honestly it just took forever for the bank to get its ducks in a row and with the seller going through bankruptcy. Deals like that just take a long time to do.”

The purchase entity, Metis Oakwood LLC, mortgaged the property to USAmeriBank for $900,000.