BUYER: Fund Tuscany Ridge LLC (Camden Multifamily Value Add Fund LP), Houston
SELLER: Brandon Crosstown Apartments LLC
PROPERTY: 2302 Visconti Blvd., Tampa
PRICE: $56 million
PREVIOUS PRICE: $9 million, July 2005
PLANS, DESCRIPTION: Camden Multifamily Value Add Fund LP purchased The Estates at Tuscany Ridge for $56 million.
The price equated to $124,444 per unit. Built in 2007, the 458,797-square-foot apartment development was 94% leased at the time of the sale.
The fund is an investment venture led by Houston-based real estate investment trust Camden Property Trust. It is 80% funded through pension funds and large institutional investors and 20% from Camden itself. The fund started with two properties, but didn't make any additional purchases until mid 2010.
“We wanted to make sure we didn't catch a falling knife,” says Laurie Baker, Camden's vice president of fund and assets management. “We've gotten very active this year. Our fund is focused on markets where we already have a platform such as Orlando and Tampa.”
Baker says the 450-unit property is “a beautiful asset” near the Crosstown Expressway and the company felt it could gain some efficiencies based on its larger management network. The apartment complex has been renamed the Camden Visconti.
The purchase entity Fund Tuscany Ridge LLC mortgaged the property to Deutsche Bank Berkshire Mortgage Inc. for $40.7 million.
Camden owns interests in and operates 187 properties containing 63,798 apartment units across the United States. It owns 13 facilities in the Tampa Bay area.