Investors Alan Soroory and Bobby Soroory have sold Montierra Apartment Homes for $6.6 million, or $68,750 per unit. They invested over $1 million dollars since initial acquisition for repositioning the property.
“We acquired the asset at the bottom of the cycle in 2009. At the time, the asset was more than 50% vacant and required significant capital expenditures throughout the property. Our repositioning program was able to bring the asset’s performance back to it’s full potential and subsequently create significant cash flows through our hands on management approach,” said Bobby Soroory in a statement.
Darron Kattan and Kevin Kelleher of Franklin Street represented the sellers in the transaction.
“We believe the multifamily cycle has provided a good opportunity to exit well-performing assets acquired during the recession. We remain bullish on Tampa’s overall economic growth and we look forward to continuing to invest significant capital into other real estate assets throughout the greater Tampa Bay area,” said Alan Soroory.
Montierra Apartment Homes is a 96-unit, garden-style apartment community located within 1 mile of The University of South Florida, one of the largest schools in the country. Built in 1970, the property sits on over 5 acres of land with over 81,000 rentable square feet.
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