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TAMPA -- Camden is letting go of a Tampa apartment complex it's owned for nearly three decades, selling the Camden Bayside apartments on Westshore Boulevard for $85.1 million.
Cortland Partners, a multifamily redeveloper from Atlanta, purchased the property through its Westshore Fl Partners LLC affiliate, using a $69.1 million mortgage from Walker Dunlop LLC.
Lookout Pointe Associates, an affiliate of the Paragon Group in Dallas, built the 832-unit complex in the late 1980s. Camden would take over ownership after acquiring Paragon in 1996.
The sale represents $102,300 per unit, well above the $85,000 per unit trend Real Capital Analytics reported through the first half of 2014.
Cortland entered the Tampa Bay market in 2013, first buying Preserve at Deer Park and Audubon Village in Tampa for $77,000 per unit. It would later buy Island Walk and a majority of the condominium units at Gallery at Bayport II for $116,000 per unit last July.
Camden sold 12 apartment communities, averaging a little more than 325 units each, in 2013, but had not sold any during the first three quarters of 2014, according to its quarterly financial filing with the U.S. Securities and Exchange Commission. That represented a little more than 6% of the Houston company's total holdings.
Even after the sale, Camden still owns more than 4,200 units in 11 communities in Tampa, according to its financial filings.
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