SARASOTA, FL - Insula Companies – a Sarasota-based firm specializing in apartment community acquisition and revitalization on behalf of investors – announces the acquisition of four apartment communities in two separate transactions to kick off 2015. These acquisitions marked the 20th for Insula Companies since entering the local Florida market in 2009, and the firm’s first foray into Pinellas County. “With these recent entries into our growing portfolio, we continue our mission of making tangible improvements to yield substantial returns for our private investors,” said Fred Cochran, President of Insula Companies. “We are thrilled to enter the Pinellas and Pasco market, where we welcome the opportunity to bring exceptional results to the apartment communities we enhance and manage.”
On February 11, Insula Companies acquired 136-unit Rivermill Apartments for $5 million, located at 12429 Little Road in Hudson, Florida, and 92-unit Village Square Apartments for $4.2 million, located at 7110 Tudor Lane in Port Richey, Florida. Insula plans a combined $1.4 million renovation to reposition both assets. On March 2, the company acquired 104-unit Forest Creek Apartments for $7.6 million and 96-unit Bryan Dairy Place Apartments for $9 million, both in Largo, Florida.
With properties in Tampa Bay as well as Georgia, Orlando, 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 challenges.
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 $200 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.