Tampa apartments sold for $31 million in quick value-add flip
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Aug 24, 2018

A New York investor that bought a Northeast Tampa apartment complex in 2017 has sold it after making several improvements to the property.

River View Apartments has been sold for $31 million or $104,729 per unit to River View Apartments LLC, which is tied to Radwan Nassri. The seller, New York-based River View Tampa LLC, paid $23.4 million in 2017.

Darron Kattan, Kevin Kelleher, Zachary Ames and Robert Goldfinger of Tampa-based Franklin Street represented both the buyer and the seller in the transaction. Franklin Street's Lonnie Kitchen provided insurance services for the property.

"The owner made a significant amount of capital improvements to River View and quickly resold the property at a much higher price,” Kattan, managing director of multifamily investment sales for Franklin Street, said in a statement. "Investor demand remains strong for well-located multifamily assets in established submarkets such as Northeast Tampa and cap rates continue to move down.”

River View was built between 1971 and 1972. It consists of 30 two-story apartment buildings and a single-story clubhouse with a fitness center.