Florida investors buy Bridgeview Apartments
BUYER: Bridgeview Apartments LLC (principals: Abington Bridgeview Tampa Bay LLC and Bridgeview Residential Investors LLC), Davie
SELLER: Hillsborough Oxford Associates LP
PROPERTY: 7250 W. Hillsborough Ave., Tampa
PRICE: $20.8 million
PREVIOUS PRICE: $2.12 million, December 1985
LAW FIRM ON DEED: Kutak Rock, Denver
PLANS, DESCRIPTION: Bridgeview Apartments LLC, an investment group affiliated with the Davie-based real estate firm JB Howell, purchased the 348-unit Bridgeview Apartments near Hanley Road for $20.8 million.
The purchase price equated to $59,770 per unit. The property was 95% occupied at the time of sale.
Built in 1986, the 297,928-square-foot multifamily community is on a 21-acre nature preserve. The 17-building complex features one-, two- and three-bedroom floor plans ranging in size from 492 to 1,129 square feet, with an average unit size of 856 square feet. The development houses a clubhouse, fitness center, swimming pool, lakefront dock, car care area with vacuum, outdoor tennis courts, indoor racquetball courts and a playground.
Jamie May and Matt Mitchell in Marcus & Millichap's National Multi Housing Group brokered the sale on behalf of the seller, AIMCO
“We are starting to see liquidity return to the multi-family investment market in Central Florida,” May said in a press release. “Investment activity is up five-fold in the second half of the year compared to the first half of the year from $51 million to $272 million. Before year end, we expect to see several more apartment deals close.”
Bridgeview Apartments LLC mortgaged the property to CBRE Capital Markets for $15.6 million. The mortgage provides a fixed rate for 10 years and a 30-year amortization. Charles J. Foschini, vice chairman of CBRE's Debt & Equity Finance and Institutional Group, located in CBRE's Miami, office arranged the financing through Freddie Mac on behalf of Bridgeview Apartments LLC.