Robbins Property Associates buys Waterstone at Carrollwood

BUYER: Waterstone Apartments LLC, Newton, Mass.

SELLER: Lakeside North Partners LLC

PROPERTY: 3339 Handy Road, Tampa

PRICE: $12.65 million

PREVIOUS PRICE: $10.35 million, October 2008

LAW FIRM ON DEED: Proskauer Rose LLP, Boca Raton

PLANS, DESCRIPTION: Newtown, Mass.-based Robbins Property Associates LLC purchased the 168-unit Waterstone at Carrollwood apartment complex for $12.65 million.
The price equated to $75,298 per unit.

The 27-year-old property features a fitness center, pet park, swimming pool and clubhouse with a catering kitchen. The 142,472-square-foot property was 95% occupied at the time of the sale.

“The new owner is planning to upgrade all the units,” says Lucy Gonzalez, property manager. “They will be redoing the countertops, cabinets and flooring and also remodeling the fitness center and pool area.”

The purchase entity Waterstone Apartments LLC mortgaged the property to GrandBridge Real Estate Capital LLC for $10.12 million.

The 5-year-old Robbins Property Associates owned 14 apartment communities, principally in Florida, at the end of 2011. It owns the Isles of Gateway, Nautica and Shady Oaks in St. Petersburg; Summer Palms in Riverview; and Legend Oaks in Tampa.