Sarasota Firm Buys Tampa Apartment Complex
Insula Companies – a Sarasota-based firm that specializes in turning around apartment complexes for private investors – has purchased the Park East Apartments in Tampa for $12.4 Million.
The deal becomes the Sarasota firm’s third Florida acquisition in 2014 and 13th in the state since 2009. The Park East Apartments, at 2020 East Bearss Ave. in Tampa, was built in 1987 and has 192 residential units.
Insula Companies has now expanded its portfolio of units under management to more than 3,360, the company said in a press release.
“Our management presence and improvement efforts at Park East Apartments in Tampa will serve to the ultimate benefit of local residents and businesses alike,” Insula president Fred Cochran said in a statement.
The firm now owns property in Atlanta, Orlando, Tampa, Jacksonville, Lakeland and throughout Southwest Florida. The company focuses on class B or C apartments with a minimum of 150 units, that are 15 to 40 years old, present value-added potential through cosmetic rehab, and have market-related or management induced problems.
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