Byron Moger, executive director with Cushman & Wakefield of Florida Inc. in Tampa, says the eight-year-old complex was damaged during Hurricane Katrina in 2005, but the seller had invested a significant amount of capital to repair it. Moger, who represented the 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 the property and were willing to sell and leave meat on the bone for the next owner," says Moger, who partnered with C&W director Luis Elorza. "The seller took care of the basic damage and JL will continue improving the asset to bump up the rents." The cap-ex budget was not available.
Moger tells GlobeSt.com that the eight-year-old complex attracted multiple offers, partly due to Gulf the Opportunity Zone Act of 2005, or GoZone, which offers tax incentives to help rebuild areas damaged by the hurricanes. "A lot of people are interested in investing in the Gulf Coast because of that incentive," he says. JL Real Ventures ended up with the asset due to its quick-closing and on-time reputation for getting deals done.
Oak Grove Apartments is a mix of one-, two- and three-bedroom units from 782 sf to 1,484 sf. The rents are $810 to $1,150 per month.
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