Equity Management Partners acquires Oaks at Ellenton

BUYER: Ellenton Apartments LLC (registered agent: Thomas Nash II), Clearwater
SELLER: Ellenton Housing Associates Ltd.
PROPERTY: 3419 E. 16th St. or 1651 36th Ave., Ellenton
PRICE: $6.6 million
LAW FIRM ON DEED: Stearns Weaver Miller Weissler Alhadeff & Sitterson PA, Miami

PLANS, DESCRIPTION: Equity Management Partners Inc. purchased the 168-unit The Oaks at Ellenton apartments for $6.6 million.

The price equated to $39,286 per unit.

The complex has 11 residential buildings and a clubhouse on 17.1 acres.

The 15-year-old complex was developed using the U.S. Department of Housing and Urban Development's Low-Income Housing Tax Credit program. That limits rental rates and the income of tenants.

“It needs some cosmetic work,” says Ben Mallah, principal of Equity Management Partners. “The parking lot needs to be redone. It just needs a freshening up and a facelift. We will also be doing upgrades to the units.”