Miami real estate investors buy Sandanay, Stonehenge apartments

BUYER: LO Exclusivo LLC (managers: Antonio Callejas Gomez and Eduviges Callejas), Miami
SELLER: Stonehenge Village LLC and Sandanay Village LLC
PROPERTY: 13132 and 13136 N. 20th St., Tampa
PRICE: $3.05 million
PREVIOUS PRICE: $1.58 million and $920,000, May 2011

LAW FIRM ON DEED: Albert Salem & Associates PA, Tampa

PLANS, DESCRIPTION:
Investors Antonio Callejas Gomez and Eduviges Callejas of Miami purchased the 60-unit Sandanay Apartments and 40-unit Stonehenge Apartments for $3.05 million.

The price equated to $30,500 per unit or $40 square foot. That per unit figure is less than the average price per unit for multifamily space ($70,803) in the Tampa Bay area, according to the CoStar Group.
Sandanay and Stonehenge are two adjacent apartment communities operated as one. Both Sandanay and Stonehenge were constructed between 1967 and 1970, with concrete block structures and a flat roof.

Sandanay includes 17 one-bedroom/one-bathroom apartment units and 43 two-bedroom/one-bathroom apartment units for a total of 55,750 rentable square feet. Community amenities include a swimming pool, leasing office, barbecue grills, playground area and laundry facilities.

Stonehenge consists of eight buildings on 1.77 acres. Stonehenge contains 40 one-bedroom/one-bathroom apartment units that are 600 square feet each.

The buyers plan to make a number of interior and exterior improvements to grow rents.

Kevin Kelleher, Darron Kattan, Robert Goldfinger, and Zach Ames — all of Franklin Street — represented the seller, a local investor. Danny York with Franklin Street Capital Advisors structured the debt for the buyer while Franklin Street's Insurance division provided the insurance policy.

The purchase entity, LO Exclusivo LLC, mortgaged the property to Bofi Federal Bank for $1.98 million.