Boca Raton investor buys Casa Del Toro apartments

BUYER: Tampa Commons LLC (manager: Paul Karram), Boca Raton
SELLER: Metis Property Management Inc.
PROPERTY: 5709 Las Ventanas Drive, Tampa
PRICE: $4.23 million
PREVIOUS PRICE: $3.25 million, November 2012
LAW FIRM ON DEED: Greenspoon Marder PA, Fort Lauderdale

PLANS, DESCRIPTION:
Investor Paul Karram of Boca Raton purchased the 42-unit Casa Del Toro apartments for $4.23 million.

The price equated to $100,595 per unit. That figure is higher than the two-year average price per unit for multifamily space ($72,609) in the Tampa Bay area, according to the CoStar Group.

Built in 2008, Casa del Toro features a mixture of three- and four-bedroom units with from 1,230 to 1,778 square feet of rentable space. The property is regulated as Section 8 Housing and tenants are income restricted and receive a housing rental subsidiary. The apartment complex had a single vacancy at the time of the sale.

“It looked liked it had outside potential, and the price was right,” Karram says. “It is not really in need of any physical improvements.”

The sale was done as a 1031 tax-deferred exchange.

Nicholas Meoli, Krone Weidler and Michael Donaldson in Marcus & Millichap's Tampa Office represented the seller, a private investor. Evan Kristol and Brandon Rex in the firm's Fort Lauderdale office represented the buyer.

“Casa Del Toro presented a unique opportunity to capture a double-digit, cash-on-cash return for a 2008 product, while satisfying the seller's exit strategy,” Meoli says in a press release.

The purchase entity, Tampa Commons LLC, mortgaged the property to Arbor Commercial Mortgage LLC for $3.48 million.