Byron Moger, executive director with Cushman & Wakefield ofFlorida Inc. in Tampa, says the eight-year-old complex was damagedduring Hurricane Katrina in 2005, but the seller had invested asignificant amount of capital to repair it. Moger, who representedthe Los Angeles-based seller, says the complex at 248 Debuys Rd.will undergo further improvements with the new owner.


"The seller felt they'd achieved some reasonable upside in theproperty and were willing to sell and leave meat on the bone forthe next owner," says Moger, who partnered with C&W directorLuis Elorza. "The seller took care of the basic damage and JL willcontinue improving the asset to bump up the rents." The cap-exbudget was not available.


Moger tells that the eight-year-old complexattracted multiple offers, partly due to Gulf the Opportunity ZoneAct of 2005, or GoZone, which offers tax incentives to help rebuildareas damaged by the hurricanes. "A lot of people are interested ininvesting in the Gulf Coast because of that incentive," he says. JLReal Ventures ended up with the asset due to its quick-closing andon-time reputation for getting deals done.


Oak Grove Apartments is a mix of one-, two- and three-bedroomunits from 782 sf to 1,484 sf. The rents are $810 to $1,150 permonth.

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