SARASOTA – Insula Companies – a Sarasota-based firm specializing in apartment community acquisition and revitalization on behalf of private investors – is pleased to announce its third Florida acquisition in 2014 and 13th since 2009.
With the $12.4 million purchase of Park East Apartments in Tampa, Florida, Insula Companies has expanded its portfolio of units under management to more than 3,360. “Our management presence and improvement efforts at Park East Apartments in Tampa will serve to the ultimate benefit of local residents and businesses alike,” said Fred Cochran, President of Insula Companies. “Through this acquisition, we continue our tradition of revitalizing distressed communities while building exceptional value and a channel for long-term growth for our investors,” said Jeff Talbot, Director of Acquisitions.
With properties in Atlanta, Georgia, as well as Orlando, Tampa, Jacksonville, Lakeland and throughout Southwest Florida, Insula Companies pursues only the communities considered to have the best future value for investors. Among the criteria to qualify for acquisition, an apartment community must be a class B or C property with a minimum of 150 units, 15 to 40 years old, present value-added potential through cosmetic or substantial rehabilitation work, and have market-related and/or management induced problems. Located at 2020 East Bearss Avenue in Tampa, Park East Apartments was constructed in 1986 and has 192 residential units.
Insula Companies' portfolio is managed with the principal focus of maintaining high occupancy rates and collections, along with keeping expenses at or below budgeted amounts. Once acquired, apartment communities have access to the professional support and resources of over 50 staff, ensuring optimal operation and providing investors with accurate, first-class reporting services.
About 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 3,300 units and $150 million in assets in Florida-based 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.
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