Equity Management Partners buys Elm Lake Apartments

BUYER: Elm Lake Apartment Properties LLC, Largo
SELLER: Elm Lake Apartments Ltd.
PROPERTY: 6318 E. 14th St., Sarasota
PRICE: $2.5 million
LAW FIRM ON DEED: Kaklis Venable & Witt PA, Bradenton

PLANS, DESCRIPTION:
Multifamily owner/operator Equity Management Partners Inc. purchased the 64-unit Elm Lake Apartments for $2.5 million.

The price equated to $39,063 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 4.46-acre site contains six two-story buildings. It features a volleyball court, playground and community lake.

The property is covered under federal low-income housing tax-credit restrictions, which caps rental rates and tenant incomes.

“We plan to fix it up,” says Ben Mallah, principal of Equity Management Partners. “We bought it from the guy who built it. He just wanted to retire. It just needs some capital to bring it back to life.”

The renovations will include painting, landscaping, unit interiors, parking lot and playground improvements.

The construction work is scheduled to be completed over the next 120 days.