BUYER: Brandon Multifamily Partners LLC (Govan White), Nashville, Tenn.
SELLER: Providence Place Apartments Limited Partnership
PROPERTY: 1801 Princeton Lakes Drive, Brandon
PRICE: $30 million
PREVIOUS PRICE: $11.85 million, May 1998
LAW FIRM ON DEED: Ingram Yuzek Gainen Carroll & Bertolotti LLP, New York City
PLANS, DESCRIPTION: Nashville, Tenn.-based Covenant Capital Group purchased the 444-unit Providence Place Apartments for $30 million.
The price equated to $67,568 per unit.
The apartment complex, previously known as the Summit Providence Place Apartments, features laundry facilities and a pool. It also has tennis, racquetball and basketball courts.
Covenant Capital Group, a private equity firm, purchased the complex for its $140-million Covenant Apartment Fund VI. The firm targets properties nationwide, but primarily buys in the Southeast and Midwest. It avoids the top 10 markets in the country, a spokesman says.
Covenant Capital manages assets of more than $355 million from institutional and high net worth investors. Its funds have a total portfolio value of more than $1 billion and include more than 19,170 rental units.
CW Capital LLC arranged a $23.5 million loan provided by Freddie Mac on the property.