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.
The Blue Rock affiliate is financing the April 23 deal with a $32.7 million loan from New York Community Bank.
Blue Rock has been on a buying spree lately, picking up two other properties in March. That includes the 207-unit Cameron Lakes Apartments in Clearwater for $19.4 million, and the 304-unit Avondale by the Lakes complex for $20.2 million.
Covenant Capital sold the 330-unit Viera at Westchase last month for $52.8 million. Both Hamilton Bay and Viera sold 38% higher than the group purchased the properties for within the last five years. Covenant Capital says on its website it has $1.4 billion of assets under management on behalf of more than 250 institutional and high-net worth investors.