$29.5 Million Acquisition Becomes Largest Asset for Sarasota-Based Insula Companies
Harbour Walk Apartments in Tampa Marks the Firm’s Ninth Purchase in 2015
Sarasota, Florida – October 1, 2015– Insula Companies – a Sarasota-based firm specializing in apartment community Acquisition and revitalization on behalf of private investors – is proud to announce the recent addition of Harbour Walk Apartments in Tampa, Florida, to its expanding, carefully selected portfolio of communities. The $29.5 Million purchase is the company’s largest asset to date and marks the ninth strategic Acquisition for Insula Companies in 2015 and the 24th since the firm began operations in 2009.
“Adding Harbour Walk Apartments to our family of properties represents a benchmark achievement for Insula Companies,” said Fred Cochran, President of Insula Companies. “This Acquisition serves to reinforce our reputation of bringing value to communities on behalf of our private investors.”
The 400-unit Harbour Walk Apartments was acquired by Insula Companies from a private owner on September 30, 2015. Shumaker, Loop & Kendrick, LLP acted as the closing agent for the transaction. The property, located across the street from Tampa Community Hospital, will benefit significantly from a planned $2.5 Million makeover and re-branding campaign.
Insula Companies has sold 4 revitalized properties in the past year, resulting in significant high-yield returns for its equity investors. With properties in Tampa Bay, Orlando, Jacksonville, Lakeland and throughout Southwest Florida, the firm pursues only the communities considered to have the best future value for investors. An apartment community must be a 15- to 40-year-old class B or C property with a minimum of 150 units, present value-added potential through cosmetic or substantial rehabilitation work, and have market-related and/or management-induced challenges to qualify for Acquisition.
Recent Statistical Update – Insula Companies
Since 2009, Insula Companies have recognized the potential for apartment community Acquisition and revitalization and provided investors with a portfolio of more than 3,700 units and $250 Million in assets in Florida-based multi-housing complexes. With regional offices serving multiple major Florida markets, the firm has developed an unparalleled understanding of the communities acquired and their future promise for enhancement and return. For more information, visit InsulaCompanies.com or call 941.960.7000.
PHOTO CAPTION: Harbour Walk Apartments of Tampa is Insula Companies largest asset to date.