Firm buys 400-unit complex for $29.5M

Sarasota-based multifamily management firm Insula Cos., which has acquired and revitalized apartment communities since 2009, has made its largest purchase ever: a $29.5 million acquisition of Harbour Walk Apartments in Tampa.

The deal for the 400-unit Harbour Walk complex is the ninth acquisition for Insula in 2015 and the 24th since the firm was founded, according to a release. The complex is across the street from Tampa Community Hospital, and Insula plans a $2.5 million makeover and rebranding campaign. Insula bought the complex from a private owner, the release adds.

“Adding Harbour Walk Apartments to our family of properties represents a benchmark achievement for Insula Companies,” firm President Fred Cochran says in the release.

Insula Cos. has sold four revitalized properties in the past year. In addition to Southwest Florida, its portfolio includes properties in Tampa Bay, Orlando, Jacksonville and Lakeland.