Bay Villa Apartments
Size : 24 Units
Developer : Versaggi Companies & Intown Housing BV
Bay Villa Apartments was an urban infill opportunity that consisted of three identical two-story buildings, built in the 1920’s and located in the South Tampa “SoHo District”. Versaggi Companies and its local partners were able to acquire this distressed sale in June of 2010 when the real estate market was beginning to show signs of life and lenders were starting to fund loans to experienced, well-capitalized borrowers. The project consisted of a total of 24 – 1BR apartments that were completely rehabilitated by combining new contemporary finishes, while maintaining the historic integrity and charm of the older Mediterranean buildings. New plumbing, electrical and mechanical systems were installed, while new kitchen cabinets, stainless appliances, bath wall and floor tile, light & plumbing fixtures, oak floors, and door hardware were completed. Common areas were upgraded including landscaping and outdoor courtyard piazzas were added. The partners were able to sell the fully-stabilized property in 18 months, earning 2.5X its equity investment.