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BUYER: 5100 Live Oaks Blvd. LLC (American Property Holdings Corp.), New York City
SELLER: Camden USA Inc.
PROPERTY: 5100 Live Oaks Blvd., Tampa
PRICE: $63.4 million
PREVIOUS PRICE: $39.6 million, July 1998
LAW FIRM ON DEED: Camden USA Inc., Houston
PLANS, DESCRIPTION: APH Property Holdings LLC purchased the 770-unit Camden Live Oaks apartment complex for $63.4 million.
The price equated to $82,338 per unit.
Built in 1991, the gated garden-style apartment development features 55 buildings on a 60-acre parcel. It includes a clubhouse, basketball and tennis courts, a sand volleyball court, fitness center, playground, boat parking and four swimming pools.
The property, which is now being called Amberly Place Apartments, is being managed by Providence Management Co. LLC.
The real estate research firm the CoStar Group reports it had an average vacancy, as of its last review, of 6%.
APH Property Holdings, also known as American Property Holdings, is a newly created private real estate investment trust. The trust was created from debit and equity contributed by New York City investment company Prospect Capital Corp. Since it was created, the trust also recently acquired the Abbington Pointe apartment complex in Marietta, Ga., and an 110,000-square-foot industrial facility located on a 5.4-acre parcel in Forest Park, Ga.
The purchase entity 5100 Live Oaks Blvd. LLC mortgaged the property to CBRE Multifamily Capital Inc. for $39.6 million.
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