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Business Observer Friday, Feb. 11, 2011 9 years ago

AREA Property buys rental properties

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New York City-based AREA Property Partners purchased two Pinellas County multifamily rental properties with 766 units for $78.35 million.

BUYER: AP Promenade LLC (AREA Property Partners), Atlanta


SELLER: ERP Operating Limited Partnership


PROPERTY: 540 Carillon Parkway, St. Petersburg


PRICE: $34.15 million


PREVIOUS PRICE: $20.65 million, October 1994


BUYER: AP Sabal Palm Tampa LLC (AREA Property Partners), Atlanta


SELLER: Seagull Drive Joint Venture


PROPERTY: 1350 Seagate Drive, Palm Harbor


PRICE: $44.2 million


LAW FIRM ON DEED: Paul Hastings Janofsky & Walker LLP, Atlanta


PLANS, DESCRIPTION: New York City-based AREA Property Partners purchased two Pinellas County multifamily rental properties with 766 units for $78.35 million.


The price equated to $102,285 per unit.


AREA Property Partners bought the Promenade at Carillon in St. Petersburg for $34.15 million and the Sabal Palm at Boot Ranch in Palm Harbor for $44.2 million.


The Promenade at Carillon has 334 units in two-story garden-style buildings. The complex has one, two and three-bedroom apartments ranging from 670 to more than 1,300 square feet. Amenities include a business center, a fitness center and spa and a swimming pool. There are also walking, jogging and bike trails and a playground.


Built in 1996, Sabal Palm at Boot Ranch has 432 apartments ranging in size from 633 to more than 1,400 square feet. Amenities at the complex include a business center, a fitness center with a cardio theater, a swimming pool and a clubhouse. It was 94% occupied at the time of the sale.


“We feel that Promenade and Sabal Palm have strong upside potential,” Steven Wolf, partner of AREA Property Partners, says in a press release. “They are both high quality rental properties in excellent locations.”


Patrick Dufour, Kevin Judd and Dick Donnellan of AREA represented the buyer.


AREA Property Partners, formerly known as Apollo Real Estate Advisors, is an international real estate investor and fund manager. The company has overseen the creation of multiple real estate funds and joint ventures totaling $13 billion in equity since 1993.

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