- April 11, 2013
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BUYER: PBH Summer Trace LLC, Miami
SELLER: CAPREIT Summer Trace Limited Partnership
PROPERTY: 7425 Trouble Creek Road, New Port Richey
PRICE: $10.32 million
PREVIOUS PRICE: $5.86 million, January 1998
LAW FIRM ON DEED: Avila Rodriguez Hernandez Mena & Ferri LLC, Coral Gables
PLANS, DESCRIPTION: A joint venture of Miami-based Pensam Capital LLC and Des Moines, Iowa-based BH Equities LLC purchased the 200-unit Summer Trace Apartments for $10.32 million.
The price equated to $51,584 per unit.
Built in 1986, the New Port Richey apartment complex features a mix of one- and two-bedroom units. The two-story, 233,050-square-foot community features an average unit size of 780 square feet. The 16.8-acre property also includes a lake, laundry facilities, clubhouse, fitness center, pool, spa and tennis court.
According to the real estate research firm the CoStar Group, the development had a 6% average vacancy as of its last review of the property.
An affiliate of BH Equities LLC, BH Management Services LLC is managing the property.
Calls to BH Management Services LLC and Pensam Capital for comment were not returned prior to deadline. However, according to its website, Pensam plans to perform some exterior enhancements and interior unit upgrades.
The purchase entity PBH Summer Trace LLC mortgaged the property to CBRE Multifamily Capital Inc. for $7.73 million.
