Foreign investment group buys Palmetto's Oakwood Village

BUYER: Invest P.I. LLC (manager: Manuel Rebecchi), Sarasota
SELLER: Metis Oakwood LLC
PROPERTY: 900 E. 21st St., Palmetto
PRICE: $3 million
PREVIOUS PRICE: $2.23 million, July 2000
LAW FIRM ON DEED: Hill Ward Henderson, Tampa

PLANS, DESCRIPTION:
A foreign investor group led by Manuel Rebecchi of Sarasota purchased the 120-unit Oakwood Village apartments for $3 million.

The price equated to $25,000 per unit. That figure is less than the two-year average price per unit for multifamily space ($72,609) in the Tampa Bay area, according to the CoStar Group.

The 10.71-acre site in Palmetto contains 60 concrete-block buildings. Units have an average of 571 square feet of living space. Amenities include a laundry facility and playground. It was 90% occupied at the time of the sale.

The buyer purchased the property as a value-add investment and plans to significantly renovate it.

Darron Kattan, Bob Goldfinger, Kevin Kelleher and Zach Ames of Franklin Street handled the sale.

“It needs some improvement,” Kattan says. “It had a handful of down units. It was on the rougher side in a low-income area that serves a largely migrant population. They plan to go in and clean it up.”

The investors, who principally live in Italy, purchased the 16-unit Spanish Gardens apartment complex in Clearwater and the 26-unit Lakeside Village in Brandon last year and also own several single-family homes.