Waterford Investors LLC, a division of The Wishcamper Cos. of Portland, Maine, and Rocky Mountain Development Group, Montana, purchased Waterford at Cypress Lake, located at 4733 W. Waters Ave. in Tampa, from The Wilson Co. division of TWC Eighty LP. The complex, according to those familiar with the transaction, is 99 percent occupied, and was constructed in 1994 just west of North Manhattan Ave.

The purchase was funded through Oak Grove Commercial Mortgage LLC of St. Paul, Minn., for an unspecified amount, according to Hillsborough County property records. The project was built using an $11.2 million mortgage from First Union National Bank of Florida in December 1993, a note with an original due date of last July 5.

Casey Babb, who helped close the deal through Marcus & Millichap Real Estate Investment Services in Tampa, said he received more than 10 offers for the property, which has affordable housing restrictions through perpetuity. Some of the offers came from institutions not typically involved in low-income housing.

“This is a very, very safe investment for them,” Babb said. “It’s something that should increase in value over time.”

Wishcamper and RMDG owns dozens of properties across the country, mostly in the Northeast and the Midwest along with a few properties in Mississippi and Georgia.

This appears to be thier first purchase in Florida. A call was pending return Monday morning.