- April 11, 2013
BUYER: PBH Prospect Gateway LLC (Pensam Capital LLC and BH Equities LLC), Miami
SELLER: Gateway Apartment Properties LLC
PROPERTY: 2000 Gandy Blvd. N., St. Petersburg
PRICE: $6.9 million
PREVIOUS PRICE: $5.23 million, February 2012
LAW FIRM ON DEED: Macfarlane Ferguson & McMullen, Clearwater
PLANS, DESCRIPTION: Miami-based Pensam Capital LLC and Des Moines, Iowa-based BH Equities LLC have snapped up another Gulf Coast multifamily property. The joint venture purchased the 144-unit Gateway Apartments in St. Petersburg for $6.9 million.
The price equated to $47,916 per unit.
Built in 1986, the apartment development features 11 one- and two-story buildings. Units average 600 square feet of rentable space. Amenities include a laundry facility, basketball court and swimming pool. The development occupies a 7.26-acre site.
Francesco “Frank” Carriera and Michael Regan in Marcus & Millichap's Tampa office handled the transaction.
BH Management Services LLC will manage the property for the joint venture.
The partners have been on a buying tear in the Tampa Bay area over the past few months. The joint venture purchased the 188-unit Lo Garto Apartments in Dunedin for $9.4 million and the 200-unit Summer Trace Apartments in New Port Richey for $10.32 million. An affiliate of BH Equities also acquired the 404-unit Inwood Park Apartments in Tampa for $32.2 million.
BH Management now manages 165 properties around the U.S., covering more than 46,000 units, according to a recent BH Management press release.
The purchase entity PBH Prospect Gateway LLC mortgaged the property CBRE Capital Markets Inc. for $5.33 million. The loan, which is covered by Freddie Mac, is for 10 years at a 75% loan-to-value ratio. Charles Foschini, Christian Lee and Christopher Apone of CBRE assisted the joint venture in creating the loan.