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BUYER: Clearwater Multifamily Partners LLC (Covenant Capital Group LLC), Nashville, Tenn.
SELLER: Country Place Owner LLC
PROPERTY: 2690 Enterprise Road E., Clearwater
PRICE: $13.8 million
PREVIOUS PRICE: $17.75 million, January 2005
LAW FIRM ON DEED: Waller Lansden Dortch & Davis LLP, Nashville, Tenn.
PLANS, DESCRIPTION: An investment fund purchased the 188-unit Country Place Village Apartments for $13.8 million.
The price equated to $73,404 per unit.
The buyer, Covenant Apartment Fund VI, is a $140-million fund managed and affiliated with Nashville, Tenn.-based Covenant Capital Group. The Clearwater apartment complex is the fund's 11th purchase.
BH Management Services Inc. will manage the property.
Country Place Village features a fitness center, a laundry facility, a clubhouse and two swimming pools with heated Jacuzzis.
The buyer assumed an existing $8.76-million mortgage provided by Freddie Mac.
Founded in 2001, Covenant Capital Group is a real estate private-equity firm specializing in acquiring and redeveloping apartment communities. The company manages assets of more than $355 million from institutional and high net worth investors.
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