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BRANDON -- For the second time in the past week, Atlanta redeveloper Cortland Partners has purchased a Tampa area apartment complex. This time, Cortland Partners bought the Carlyle at Crosstown in Brandon for $41.2 million.
Cortland, which acquired Camden Bayside in Tampa late last week for $85.1 million, paid $137,300 per unit for this complex, originally built in 2009.
Another Atlanta multifamily owner, JMG Realty, bought the complex in 2011 for $35.3 million, or $117,500 per unit, according to published reports at the time. JMG had partnered with HighPoint Holdings LLC of Birmingham, Ala., to buy what was then the Circle at Crosstown, as well as a 336-unit complex in Jacksonville.
Crescent Resources of Charlotte, N.C., built the complex, located at Crosstown Club Place off Delaney Creek Boulevard west of South Falkenburg Road. Cortland, through its Crosstown Club Fl Partners affiliate, used a $33 million mortgage from CBRE Capital Markets Inc., to fund the purchase.
Carlyle at Crosstown sold higher than the $102,300 per unit Cortland paid for Camden Bayside last week, although that Tampa property is nearly 30 years old.
Cortland entered the Tampa Bay market in 2013, first buying two complexes at $77,000 per unit, and later adding Island Walk and the majority of the condominium units at Gallery at Bayport II for $116,000 per unit last July.
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