Investor bags 38% return on Brandon apartments

BRANDON -- A Tennessee-based property investor cashed out of its second regional property in as many months, as Hamilton Bay Apartments in Brandon was sold for $43.6 million.

Brandon Multifamily Partners LLC, an affiliate of Covenant Capital Group in Nashville, sold the property at 1801 Princeton Lakes Drive for $98,200 per unit. The buyer was Hamilton Bay Property Holdings LLC, which shares the same Breckenridge Park Drive address as Blue Rock Partners, according to state corporation records.

Covenant purchased the 26-year-old property in 2010 for $30 million, when it was called Summit Providence Place Apartments. It used its $140 million Covenant Apartment Fund VI as well as a $23.5 million mortgage from CW Capital LLC to finance the deal.