Blue Sky Communities renovating Flamingo West Apartments

BUYER: Blue HC 54 LLC (managers: Shawn Wilson and James Chadwick), Tampa
SELLER: Flamingo West Apartments Inc.
PROPERTY: 3738 W. Idlewild Ave., Tampa
PRICE: $3.5 million
PREVIOUS PRICE: $950,000, October 1992
LAW FIRM ON DEED: Swann Hadley Stump Dietrich & Spears PA, Winter Park

PLANS, DESCRIPTION: Tampa-based Blue Sky Communities LLC purchased the 72-unit Flamingo West Apartments for $3.5 million.

The price equated to $48,611 per square foot. That figure is less than the average price per unit for multifamily space ($70,803) in the Tampa Bay area, according to the CoStar Group.

The apartment complex was built in 1972.

The buyer plans to renovate the 14-building apartment development, formerly called Town 'N Country, into a rental complex for lower and moderate-income renters. The project, which qualified for $6.8 million low-income housing tax credits over 10 years, will restrict 64 of the units to households making less than 60% of the area median income and eight to households making less than 40% of the area median income.

Blue Sky Communities expects to start the $3.6 million in renovations in stages beginning the second week of December. The improvements include new roofs, energy efficient windows and railing in the breezeways. In the units, it will update kitchens, bathrooms, flooring, plumbing, electrical and appliances. The firm also expects to improve the swimming pool and add a wheelchair ramp.

Blue Sky Communities is scheduled to have the renovations completed by October.

The purchase entity, Blue HC 54 LLC, received a mortgage from Raymond James Bank for $5.2 million and a separate loan from Hillsborough County for another $950,000.