Louisiana apartment investor buys Rivertree Landing Apartments

BUYER: Rivertree Landing Tampa LLC (principal: Richard Paul Beaullieu), Lafayette, La.

SELLER: MLMT 2004-MKB1 Rivertree Landing Apartments LLC

PROPERTY: 6909 Indian River Drive, Tampa

PRICE: $5.27 million

PREVIOUS PRICE: $5.15 million, May 2002

LAW FIRM ON DEED: Shutts & Bowen LLP, Tampa

PLANS, DESCRIPTION: A limited liability firm headed by investor Richard Beaullieu of Lafayette, La., purchased the 228-unt Rivertree Landing Apartments for $5.27 million.

The price equated to $23,100 per unit.

The 219,290-square-foot, 18-building development was constructed in 1974. It features a pool, remodeled clubhouse, two laundry centers, and a riverfront patio deck.

The seller, a former lender that took it back in a foreclosure, renovated the property. Units in the development are an average of 962 square feet.

Jamie May with JBM Florida of Institutional Property Advisors, a Marcus & Millichap company, handled the transaction.

“The occupancy was 78% when we went to market,” May says. “This was a value-add deal that was sold for well below replacement cost.”

Beaullieu-managed companies own seven nearby apartments and fractured condominium developments, including the 70-unit Armenia Village Condominiums, 72-unit North Chase Villas Apartments and 232-unit Puritan Place Apartments.

The purchase entity Rivertree Landing Tampa LLC mortgaged the property to IberiaBank for $4.8 million.