TODAY’S DEALS: Insula Cos. Buys Value-Added Opportunities
The Sarasota-based firm announces the recent acquisition of two apartment communities in separate transactions.
Sarasota, Fla.–Insula Companies, a Sarasota-based firm specializing in apartment community acquisition and revitalization on behalf of private investors, announced the recent acquisition of two apartment communities in separate transactions.
These purchases marked the sixth and seventh for Insula Companies in 2015 and the 21st and 22nd since 2009. “We have developed an exceptional track record for revitalizing and adding value to the communities we acquire,” said Fred Cochran, president of Insula Companies. “With our newest properties in Tallahassee and Altamonte Springs, we look forward to once again bringing tangible results on behalf of our private investors.”
Making its first foray into the state’s capital, Insula Companies acquired the 120-unit Club at Lake Jackson in Tallahassee out of foreclosure on May 20, 2015. Insula plans an $800,000 renovation to reposition the asset. On June 25, 2015, Insula acquired the 164-unit Village Green Apartments in Altamonte Springs from a private owner, where it has planned a major $1.5 million makeover. With the move, Insula adds to its holdings in the Orlando metropolitan statistical area (MSA).
With properties in Tampa Bay, 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.
