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Covenant Capital Group fund buys Bayridge Apartments

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  • | 4:06 p.m. December 20, 2013
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Covenant Capital Group fund buys Bayridge Apartments

BUYER: Bayridge Multifamily Partners LLC (principal: Govan White), Nashville
SELLER: Bayridge Investment Partners LLC
PROPERTY: 3021 State Road 590, Clearwater
PRICE: $21 million
PREVIOUS PRICE: $19.45 million, March 2007
LAW FIRM ON DEED: Andrews Kurth LLP, Dallas

PLANS, DESCRIPTION: Covenant Apartment Fund VII LP, an investment fund managed by Nashville-based Covenant Capital Group, purchased the 222-unit Bayridge Apartments for $21 million.

The price equated to $94,595 per unit.

The 10.1-acre property features seven residential buildings and a clubhouse. The 22-year-old apartment was 93% occupied at the time of the sale.

“We love that market,” says Govan White, managing partner of Covenant Capital Group. “We are a value-add investor. We like to buy properties that are 10 to 15 years old and renovate them. We will be spending quite a bit of money on this property renovating it and upgrading its amenities.”

Covenant Apartment Fund VII LP is a $236 million fund that owns more than $1 billion worth of apartment communities in the Southeast and Mid-Atlantic United States.

Covenant Capital Group controls more than 19,000 apartment units in 16 states. Its funds own six apartments in the Tampa Bay area, including the Hamilton Bay in Brandon, Viera Bayside in St. Petersburg and Viera at Westchase in Tampa.

The purchase entity, Bayridge Multifamily Partners LLC, mortgaged the property to Grandbridge Real Estate Capital LLC for $15.15 million.


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