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Carlyle at Waters sells for $26.2M

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  • | 5:22 p.m. February 13, 2015
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  • Tampa Bay-Lakeland
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TAMPA — One of the nation's oldest hedge fund companies under continuous management now owns a sizeable piece of Tampa real estate, after buying the Carlyle at Waters apartment complex for $26.2 million.

The sale of the 392-unit complex, located at 8415 N. Armenia Ave., closed Tuesday, according to a deed filed in Hillsborough County. Garros Carlyle LLC, which lists Elliott Management portfolio manager Neil Barve as one of its directors, paid $66,820 per unit on the 30-year-old complex. Elliott Management says it's the one of the oldest hedge fund companies under continuous management in the country.

Carlyle I LP, an affiliate of Barfield Bay Holdings Inc., was the majority buyer of the complex in 2006 for $28.8 million, or $73,470 per unit. Although the Naples-based company purchased the apartments at the height of the housing boom nearly a decade ago, Barfield Bay told the Business Observer at the time it had no plans to convert the apartments into condominiums — a popular move back then.

Multifamily investments continue to remain strong in the Tampa Bay area, with vacancy around 6.2%, and rents are expected to rise nearly 3% this year, according to Marcus & Millichap. Average rents in the region are $926 per month.


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