NEW PORT RICHEY — The Canadian investor owners of the Michaelson Real Estate Group LLC have purchased the 143-unit The Park at Ashley Place apartments in New Port Richey for $8.05 million, or $56,293 per unit.
The apartment complex was 95% occupied at the time of the sale. The property's former owner, Blue Rock Partners LLC, bought the property in March 2005 for $1.31 million, property records show. Blue Rock invested almost $1 million in capital improvements to the 26-year-old property, says Jason Stanton, who represented the seller. Unit sizes average 784 square feet.
The buyers were attracted by the gated apartment complex's condition, location and appearance, according to Erika Davenport, vice president of operations for Michaelson Real Estate Group.
“It's in a great location surrounded by neighborhoods behind it,” she says. “It's been a great little jewel for as long as I've been here. The owners like to purchase properties that don't require a lot of renovation.”
The community is the second Florida property for Michaelson, which also owns the 244-unit Swan Lake Apartments.
The Park at Ashley Place features a swimming pool, laundry facilities, a fitness center, playground and business center.
Cole Whitaker and Jason Stanton of Hendricks & Partners represented the seller.