Insula Cos. buys, plans upgrades to Rivermill, Village Square apartments

BUYER: FL Rivermill LLC (Insula Apartment Management LLC), Sarasota
SELLER: Rivermill LLC
PROPERTY: 12429 Little Road (main address) and 12301, 12307, 12313, 12319, 12325, 12331, 12339, 12345 and 12429 Hudson
PRICE: $5 million
PREVIOUS PRICE: $5.2 million, June 2003

BUYER: FL Village Square LLC (Insula Apartment Management LLC), Sarasota
PROPERTY: 10700 - 10717, 10719, 10721, and 10723 Buckingham Court; 10700, 10701, 10702, 10703, 10704, 10705, 10706, 10707, 10708, 10709, 10710, 10711, 10712, 10713, 10714 and 10715 Ipswich Court; 10700 - 10712 and 10714 Parliament Court; 7109, 7110, 7111, 7113, 7115, 7117, 7119, 7121, 7123, 7125, 7127, 7129, 7131, 7133, 7135, 7137, 7139, 7141, 7143, 7145, 7147, 7149, 7151, 7153, 7155, 7157, 7159, 7161, 7163, 7165, 7167, 7169 and 7171 Tudor Lane; and 10700 - 10715 Yorkshire Court, Port Richey
PRICE: $4.2 million
PREVIOUS PRICE: $3.55 million, June 2003
LAW FIRM ON DEED: Foley & Lardner LLP, Tampa

PLANS, DESCRIPTION:
Sarasota-based Insula Cos. purchased the 136-unit Rivermill Apartments in Hudson and 92-unit Village Square Apartments in Port Richey for a combined $9.2 million.

The price equated to $40,351 per unit. That figure is lower than the two-year average price per unit for multifamily space ($72,609) in the Tampa Bay area, according to the CoStar Group.