BUYER: Seasons Property Holdings LLC (Seasons Associates Holdings LLC), Tampa
SELLER: Bayside Ventures IV LLC
PROPERTY: 11311 and 11613 N. 51st St., Tampa
PRICE: $13.13 million
PREVIOUS PRICE: $5.7 million, June 2011
LAW FIRM ON DEED: Hill Ward & Henderson PA, Tampa
PLANS, DESCRIPTION: A joint venture of Tampa-based Blue Rock Partners LLC and Konover South LLC of Deerfield Beach purchased the 240-unit The Seasons apartments across Fowler Avenue from the University of South Florida for $13.13 million.
The price equated to $54,688 per unit or $71 per square foot.
Built in 1983 and 1986, The Seasons features a mixture of one-, two- and three-bedroom apartment units. Its amenities include three swimming pools, a clubhouse and laundry room. The prior owner spent more than $1.2 million since 2012 on exterior construction improvements to the development.
It was 93% occupied at the time of the sale.
The new owner plans to invest $1.9 million in renovations and will re-brand it as The Park at Rialto. It expects to convert an old, largely unused racquetball court to a new fitness center, and renovate the unit interiors.
The purchase marks the partners' sixth purchase over the past year. The joint venture has acquired more than 2,000 rental units and now its Tampa Bay/Orlando portfolio has more than 6,000 units.
Darron Kattan, Kevin Kelleher, Robert Goldfinger and Zach Ames of Franklin Street handled the transaction.
The purchase entity, Seasons Property Holdings LLC, mortgaged the development to BankUnited NA for $10.4 million.