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BUYER: Livingston FL Partners LLC (Portfolio 8 Investors LLC), Atlanta
SELLER: Palms at Livingston Apartments LP
PROPERTY: 15420 Livingston Ave., Lutz
PRICE: $26.8 million
PREVIOUS PRICE: $10.1 million, July 2004
LAW FIRM ON DEED: Morris Manning & Martin LLP, Atlanta
PLANS, DESCRIPTION: An investment group led by Atlanta-based Cortland Partners purchased the 448-unit Preserve at Deer Park apartment complex for $26.8 million.
The price equated to $59,821 per unit.
The apartment project was 91% occupied at the time of the sale.
The new owner plans to invest more than $17,000 per unit in renovations to the property.
“We're really new construction developers,” says Mike Altman, chief investment officer for Cortland. “When we look at projects we look at what we can do to optimize the piece for the property. We feel there is a lot of upside potential.”
The new owner plans to add windows to the property, glass or screen in the unit patios and develop a new clubhouse and leasing office. As part of the redevelopment, Cortland Partners will be removing the smaller of two swimming pools. It also expects to improve the pond and surrounding area in the middle of the development, paint the buildings and make a number of roofing repairs.
As the units turnover, Cortland Partners plans to make a number of unit improvements.
“The property is really a 'B' right now and when we're done it should be an 'A minus,'” Altman says.
Altman declined to disclose the other partners in the purchase group except to say that it includes a New York City hedge fund and a blue-chip institution. The same owner is scheduled to close on a 325-unit apartment development in the Tampa Bay area soon. Its goal is to have an eight-property portfolio in the market equal to around 2,500 to 3,000 units.
Purchase entity Livingston FL Partners LLC mortgaged the property and additional real estate to Parlex 1 Finance LLC for $54.23 million.
This article has been updated to correct the spelling of Cortland Partners.
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